Compound Interest 7.RP.A.3 Grade Practice Test Questions TOC | Lumos Learning

Compound Interest 7.RP.A.3 Question & Answer Key Resources Lumos Workbooks Master Course - Grade 7 Mathematics

Lumos Workbooks Master Course - Grade 7 Mathematics Compound Interest

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John keeps a certain sum of money in a bank for a period of 3 years. The bank gives him 10% p.a. simple interest. His friend Karen keeps the same amount of money in another bank for a period of 3 years at the rate of interest 10% p.a. compounded annually. Karen gets $24.80 more than John as the interest. Find the sum invested by John? Enter your answer in the box below.

Resource: Question

Question Type: Numeric Answer

Standard(s):7.RP.A.3

Standard Description: Use proportional relationships to solve multistep ratio and percent problems. Examples: simple interest, tax, markups and markdowns, gratuities and commissions, fees, percent increase and decrease, percent error.

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