7.4.B.10 - Simple Interest – Exit Ticket

Last updated over 4 years ago

3 questions

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?

If she would have left the money in the account for another nine months before withdrawing, how much interest would the account have earned?

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.