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Year 10 Simple and Compound Interest Worksheet — Level 2 — Practice Set 3 — Answers

Answer sheet with worked solutions for the Year 10 financial mathematics worksheet.

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Success TutoringWorksheetsAnswer sheetYear 10 · Mathematics · Financial Mathematics

Year 10 Simple and Compound Interest Worksheet — Level 2 — Practice Set 3 — Answers

Show your working. Write the rate as a decimal (5% = 0.05). Round money to the nearest cent.

1.Find the simple interest on $13,750.00 invested at 2.5% per year for 2 years. What is the total value at the end?

Answer: Interest $687.50; total $14,437.50

  1. I = P × r × n = $13,750.00 × 0.025 × 2
  2. = $687.50
  3. Total = $13,750.00 + $687.50 = $14,437.50
2.$3,500.00 is invested at 2.5% per year, compounded yearly, for 4 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $3,863.35; interest $363.35

  1. A = P(1 + r)n = $3,500.00 × (1 + 0.025)4
  2. = $3,500.00 × 1.103813
  3. ≈ $3,863.35
  4. Interest = $3,863.35 − $3,500.00 = $363.35
3.Find the simple interest on $13,250.00 invested at 6% per year for 5 years. What is the total value at the end?

Answer: Interest $3,975.00; total $17,225.00

  1. I = P × r × n = $13,250.00 × 0.06 × 5
  2. = $3,975.00
  3. Total = $13,250.00 + $3,975.00 = $17,225.00
4.Find the simple interest on $7,250.00 invested at 5% per year for 2 years. What is the total value at the end?

Answer: Interest $725.00; total $7,975.00

  1. I = P × r × n = $7,250.00 × 0.05 × 2
  2. = $725.00
  3. Total = $7,250.00 + $725.00 = $7,975.00
5.$4,250.00 is invested at 4% per year, compounded yearly, for 2 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $4,596.80; interest $346.80

  1. A = P(1 + r)n = $4,250.00 × (1 + 0.04)2
  2. = $4,250.00 × 1.0816
  3. ≈ $4,596.80
  4. Interest = $4,596.80 − $4,250.00 = $346.80
6.Find the simple interest on $6,500.00 invested at 4% per year for 5 years. What is the total value at the end?

Answer: Interest $1,300.00; total $7,800.00

  1. I = P × r × n = $6,500.00 × 0.04 × 5
  2. = $1,300.00
  3. Total = $6,500.00 + $1,300.00 = $7,800.00
7.$14,750.00 is invested at 4.5% per year, compounded yearly, for 5 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $18,381.18; interest $3,631.18

  1. A = P(1 + r)n = $14,750.00 × (1 + 0.045)5
  2. = $14,750.00 × 1.246182
  3. ≈ $18,381.18
  4. Interest = $18,381.18 − $14,750.00 = $3,631.18
8.Find the simple interest on $3,000.00 invested at 4% per year for 3 years. What is the total value at the end?

Answer: Interest $360.00; total $3,360.00

  1. I = P × r × n = $3,000.00 × 0.04 × 3
  2. = $360.00
  3. Total = $3,000.00 + $360.00 = $3,360.00
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