Worksheet 2 Simple And Compound Interest Answer Key Section 1 of the simple and compound interest worksheet contains 36 skills based simple and compound interest questions in 3 groups to support differentiation Section 2 contains 4 applied simple and compound interest questions with a mix of worded problems and deeper problem solving questions
Compound Interest 1 Brenda invests 4 848 in a savings account with a fixed annual interest rate of 5 compounded 2 times per year What will the account balance be after 6 years 3 Jasmine invests 2 658 in a retirement account with a fixed annual interest rate of 9 compounded continuously What will the account balance be after 15 years Sep 16 2019 0183 32 These practice problems along with strong background knowledge in decimals percentages simple interest and interest vocabulary will prepare you for success when finding compound interest values in the future Answer keys can be found on the second page of each PDF 01 of 05
Worksheet 2 Simple And Compound Interest Answer Key
Worksheet 2 Simple And Compound Interest Answer Key
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Simple and Compound Interest Questions 1 A sum of 1 000 is put into a bank with an interest rate of 2 5 per annum How much simple interest will be earned at the end of 3 years 2 Find the compound interest on 5 000 for 2 years at 4 per annum compounded half yearly Give your answer correct to the nearest dollar
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Worksheet 2 Simple And Compound Interest Answer Key
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Sep 2 2019 0183 32 Click here for Answers Practice Questions Previous Increasing Decreasing by a Percentage Practice Questions Next Percentages of an Amount Calculator Practice Questions The Corbettmaths Practice Questions on Compound Interest
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1 Answer Formula for simple interest is I Pnr 100 Here P 2000 n 2 r 6 Let us plug these values in the above formula I 2000 x 2 x 6 100 I 20 x 2 x 6 I 240 So the interest earned is 240 2 Answer Let P be the sum of money invested
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Simple and Compound Interest Date Period Use simple interest to find the ending balance 1 34 100 at 4 for 3 years 38 192 00 2 210 at 8 for 7 years 327 60 3 4 000 at 3 for 4 years 4 480 00 4 20 600 at 8 for 2 years 23 896 00 5 14 000 at 6 for 9 years 21 560 00 6 2 300 at 7 for 9 years 3 749 00
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Compound Interest With simple interest we were assuming that we pocketed the interest when we received it In a standard bank account any interest we earn is automatically added to our balance and we earn interest on that interest in future years This reinvestment of interest is called compounding We looked at this situation earlier
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Aug 11 2019 0183 32 Simple Interest Worksheet 1 D Russell Print the PDF Simple Interest Worksheet No 1 In this exercise students will answer 10 word problems about calculating interest These exercises will help homeschoolers learn how to calculate the rate of return on investments and illustrate how interest can accrue over time
2 Answer Formula for simple interest is I Ptr Substitute 20000 5 0 05 5000 Final value of the investment A P I 20000 5000 25000 So the investor will receive 25 000 when the loan is repaid after 5 years 3 Answer Formula for final value in compound interest A P 1 r n nt 1 Find the simple interest when 163 200 is invested at 5 for 5 years 1 2 Find the simple interest when 163 200 is invested at 5 for 3 years 1 3 Find the final amount when 163 4500 is invested at 8 simple interest for 5 years 1 4 Find the final amount when 163 5500 is invested at 8 simple interest for 3 years 1
Simple Interest Determine the simple interest for these loans 1 450 at 7 for 2 years 2 5 200 at 4 for 3 years 3 1 300 at 5 for 6 years 4 5 400 at 3 5 for 6 months 5 600 at 4 for 9 months 6 24 000 at 5 5 for 5 years 7 15 600 at 3 for 2 years