Simple Interest
Compound Interest
Comparing Interest
100
Jeanie opened an account with a deposit of $4,500. The account pays 7.5% annual simple interest. Jeanie made no additional deposits or withdrawals. How much accumulated interest should Jeanie expect after 3 years?
1012.50
100
A teacher put $8,000 in a retirement account that pays 3.25% interest compounded annually. The teacher makes no additional deposits or withdrawals. What is the balance in dollars and cents of the account at the end of 9 years?
10668.43
100
F
200
Cory invested $8,250 in an account that pays 6.25% simple annual interest. Cory makes no additional investments. What was the balance in dollars and cents in Cory’s account at the end of 2 years?
9281.25
200
Carl deposited $3,500 into an account that offers 5.5% interest compounded annually. Carl makes no additional deposits or withdrawals. What is the amount of interest in dollars and cents that Carl will have earned at the end of 4 years?
835.89
200
Caysie deposits $1,500 into each of two savings accounts. Account I earns 5% annual simple interest. Account II earns 5% interest compounded annually. Caysie does not make any additional deposits or withdrawals. What is the sum of the balances in Account I and Account II at the end of 3 years?
3461.44
300
Mrs. Smith deposited $3,750 into a money market account that pays simple interest annually. She did not make any additional deposits or withdrawals. At the end of 5 years, the balance was $4,500. What is the annual interest rate on the account?
4%
300
A restaurant owner put $7,000 in an individual retirement account that earns compound interest annually. The restaurant owner made no additional deposits or withdrawals. At the end of the 8 years the total balance was 8528.82. What was the interest rate?
2.5%
300
Kamala and Gracie each deposit $1,250 into their own savings accounts. Kamala’s account earns 3.75% simple interest annually. Gracie’s account earns 3.5% interest compounded annually. No additional deposits or withdrawals are made in either account. How much more money will Gracie have than Kamala at the end of 7 years?
12.22