7.4.B.10 - Simple Interest – Exit Ticket
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3 Questions
10
1.
Erica’s parents gave her $500 for her high school graduation. She put the money
into a savings account that earned 7.5% annual interest. She left the money in
the account for nine months before she withdrew it. How much interest did the
account earn if interest is paid monthly?
10
2.
If she would have left the money in the account for another nine months before
withdrawing, how much interest would the account have earned?
10
3.
About how many years and months would she have to leave the money in the account
if she wants to reach her goal of saving $750?
From EngageNY.org of the New York State Education Department. Grade 7 Mathematics Module 4, Topic B, Lesson 10. Internet. Available from https://www.engageny.org/resource/grade-7-mathemat...; accessed 21/Jan/2016.