Compound interest with a formula

Answer Key - Grade 9 Math Worksheet - Challenge Me

Circle the best answer, or write your answer on the line.

1. 1.

   $2,000 sits in Ms. Shaw's pretend account at 6% a year for 3 years. Noah rounds each balance to the nearest cent. How much more does monthly compounding give than yearly?

   $11.33
2. 2.

   $5,000 sits in Mr. Lane's pretend account at 4% a year for 5 years. Pia rounds each balance to the nearest cent. How much more does quarterly compounding give than yearly?

   $17.69
3. 3.

   $1,000 sits in the class's pretend account at 5% a year for 10 years. Ren rounds each balance to the nearest cent. How much more does monthly compounding give than yearly?

   $18.12
4. 4.

   $3,000 sits in Ms. Frost's pretend account at 2% a year for 6 years. Tala rounds each balance to the nearest cent. How much more does monthly compounding give than yearly?

   $3.66
5. 5.

   After 2 years at 4% a year, compounded quarterly, Mr. Grove's pretend account holds $1,082.86. Zee works backward. To the nearest dollar, what was the deposit?

   $1,000
6. 6.

   After 3 years at 6% a year, compounded monthly, Ms. Hale's pretend account holds $598.34. Ari works backward. To the nearest dollar, what was the deposit?

   $500
7. 7.

   Ms. Hale compares two pretend accounts, each starting with $1,000 for 10 years. A: 5% compounded yearly. B: 4.9% compounded monthly. Jun checks. Which ends with more?

   • Account B
   • Account A
   • They end the same
8. 8.

   Mr. Cole compares two pretend accounts, each starting with $1,000 for 5 years. A: 4% compounded yearly. B: 3.8% compounded monthly. Kira checks. Which ends with more?

   • They end the same
   • Account B
   • Account A
9. 9.

   Ms. Shaw compares two pretend accounts, each starting with $1,000 for 10 years. A: 6% compounded yearly. B: 5.85% compounded quarterly. Luz checks. Which ends with more?

   • Account B
   • Account A
   • They end the same
10. 10.

    Mr. Lane compares two pretend accounts, each starting with $1,000 for 4 years. A: 6% compounded yearly. B: 5.9% compounded monthly. Milo checks. Which ends with more?

    • They end the same
    • Account A
    • Account B