How saving a little each month grows: simple and compound interest
Grade 8 Math Worksheet
Circle the best answer, or write your answer on the line.
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Growth table
Year Balance 0 $500 1 $600 2 $720 Bo reads the table for the class trip fund. It earns the same percent each year and gets no deposits. If the pattern continues, what will its balance be in year 4?
Esme reads the table for Mr. Cole's pretend account. It earns the same percent each year and gets no deposits. If the pattern continues, what will its balance be in year 4?
Jun reads the table for the class garden fund. It earns the same percent each year and gets no deposits. If the pattern continues, what will its balance be in year 4?
Luz watches two pretend accounts that each start with $400 and get no deposits. One earns 20% simple interest, the other 20% compound. After 3 years, how much more is in the compound account?
Milo watches two pretend accounts that each start with $900 and get no deposits. One earns 10% simple interest, the other 10% compound. After 3 years, how much more is in the compound account?
Noah watches Ms. Shaw's pretend account. It holds $600 and earns 5% simple interest a year, with no deposits. In how many years will it hold $840?
Pia watches the class trip fund. It holds $800 and earns 10% simple interest a year, with no deposits. In how many years will it hold $1,360?
Ren watches Mr. Grove's pretend account. It holds $1,500 and earns 4% simple interest a year, with no deposits. In how many years will it hold $2,040?
Growth table, balances rounded to the dollar
Plan Monthly deposit Years Total deposited Balance at the end X $20 30 $7,200 ≈ $20,191 Y $60 10 $7,200 ≈ $9,882 Tala reads two pretend retirement plans for Ms. Frost, both at 6% a year, compounded monthly. Both deposit the same total. How much more interest does Plan X earn than Plan Y?
Zee reads two pretend college funds for Mr. Dunn, both at 5% a year, compounded monthly. Both deposit the same total. How much more interest does Plan X earn than Plan Y?