Name:_____________                        Bank Account with Interest Worksheet       © mathkinz

Date:______________

Score:______________

David opened a checking bank account at Bank of Millstone. He made following deposits and withdrawals in his account.
David gets 1% interest on checking account.

DateTypeAmount
Sep 19th 2007Deposit$100.00
Sep 31st 2007Interest$00.10
Nov 10th 2007Deposit$45.00
Nov 30th 2007Interest$00.15
Dec 14th 2007Deposit$145.00
Dec 20th 2007Withdrawal$100.00
Dec 31st 2007Interest$00.19
Jan 30th 2007Interest$00.19
Feb 18th 2008Deposit$20.00
Feb 28th 2008Interest$00.20
Mar 4th 2008Deposit$40.00
Mar 31st 2008Interest$00.24
Apr 30th 2008Interest$00.24
May 18th 2008Deposit$60.00
May 31st 2008Interest$00.30
Jun 30th 2008Interest$00.30
Jul 31st 2008Interest$00.30

Based on these transactions answer following questions.

Q1.    With what amount did David open his bank account?$100.00
Q2.    What was his bank balance by the end of 2007 ?$190.44
Q3.    What is his current bank balance?$312.21
Q4.    What were his total deposits?$410.00
Q5.    What were his total withdrawals?$100.00
Q6.    How much interest did he earn in year 2007?$0.44
Q7.    If he does not need this money for the next 2 years, should he put money in a CD*?Yes

* In a CD(Certificate of Deposit) you get fixed interest for the amount you put in CD. Its usually better than putting money in a checking account, but you have to put money for a fixed interval. If you remove money before that interval you are charged penalty.