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Year 10 Simple and Compound Interest Worksheet — Level 2 — Practice Set 4 — 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 4 — Answers

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

1.$1,000.00 is invested at 5% per year, compounded yearly, for 4 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $1,215.51; interest $215.51

  1. A = P(1 + r)n = $1,000.00 × (1 + 0.05)4
  2. = $1,000.00 × 1.215506
  3. ≈ $1,215.51
  4. Interest = $1,215.51 − $1,000.00 = $215.51
2.Find the simple interest on $7,250.00 invested at 2% per year for 2 years. What is the total value at the end?

Answer: Interest $290.00; total $7,540.00

  1. I = P × r × n = $7,250.00 × 0.02 × 2
  2. = $290.00
  3. Total = $7,250.00 + $290.00 = $7,540.00
3.$5,250.00 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 $6,542.46; interest $1,292.46

  1. A = P(1 + r)n = $5,250.00 × (1 + 0.045)5
  2. = $5,250.00 × 1.246182
  3. ≈ $6,542.46
  4. Interest = $6,542.46 − $5,250.00 = $1,292.46
4.Find the simple interest on $11,250.00 invested at 2.5% per year for 6 years. What is the total value at the end?

Answer: Interest $1,687.50; total $12,937.50

  1. I = P × r × n = $11,250.00 × 0.025 × 6
  2. = $1,687.50
  3. Total = $11,250.00 + $1,687.50 = $12,937.50
5.$8,500.00 is invested at 2% per year, compounded yearly, for 5 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $9,384.69; interest $884.69

  1. A = P(1 + r)n = $8,500.00 × (1 + 0.02)5
  2. = $8,500.00 × 1.104081
  3. ≈ $9,384.69
  4. Interest = $9,384.69 − $8,500.00 = $884.69
6.Find the simple interest on $5,000.00 invested at 2.5% per year for 3 years. What is the total value at the end?

Answer: Interest $375.00; total $5,375.00

  1. I = P × r × n = $5,000.00 × 0.025 × 3
  2. = $375.00
  3. Total = $5,000.00 + $375.00 = $5,375.00
7.$14,250.00 is invested at 2% per year, compounded yearly, for 4 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $15,424.66; interest $1,174.66

  1. A = P(1 + r)n = $14,250.00 × (1 + 0.02)4
  2. = $14,250.00 × 1.082432
  3. ≈ $15,424.66
  4. Interest = $15,424.66 − $14,250.00 = $1,174.66
8.Find the simple interest on $9,000.00 invested at 4.5% per year for 5 years. What is the total value at the end?

Answer: Interest $2,025.00; total $11,025.00

  1. I = P × r × n = $9,000.00 × 0.045 × 5
  2. = $2,025.00
  3. Total = $9,000.00 + $2,025.00 = $11,025.00
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