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Year 11 Simple and Compound Interest Worksheet — Level 2 — Practice Set 2 — Answers

Answer sheet with worked solutions for the Year 11 financial mathematics worksheet.

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Success TutoringWorksheetsAnswer sheetYear 11 · Mathematics · Financial Mathematics

Year 11 Simple and Compound Interest Worksheet — Level 2 — Practice Set 2 — 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 $3,500.00 invested at 4.5% per year for 4 years. What is the total value at the end?

Answer: Interest $630.00; total $4,130.00

  1. I = P × r × n = $3,500.00 × 0.045 × 4
  2. = $630.00
  3. Total = $3,500.00 + $630.00 = $4,130.00
2.$8,250.00 is invested at 2.5% per year, compounded yearly, for 3 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $8,884.35; interest $634.35

  1. A = P(1 + r)n = $8,250.00 × (1 + 0.025)3
  2. = $8,250.00 × 1.076891
  3. ≈ $8,884.35
  4. Interest = $8,884.35 − $8,250.00 = $634.35
3.$6,250.00 is invested at 8% per year, compounded yearly, for 6 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $9,917.96; interest $3,667.96

  1. A = P(1 + r)n = $6,250.00 × (1 + 0.08)6
  2. = $6,250.00 × 1.586874
  3. ≈ $9,917.96
  4. Interest = $9,917.96 − $6,250.00 = $3,667.96
4.Find the simple interest on $9,000.00 invested at 8% per year for 2 years. What is the total value at the end?

Answer: Interest $1,440.00; total $10,440.00

  1. I = P × r × n = $9,000.00 × 0.08 × 2
  2. = $1,440.00
  3. Total = $9,000.00 + $1,440.00 = $10,440.00
5.Find the simple interest on $11,250.00 invested at 2.5% per year for 2 years. What is the total value at the end?

Answer: Interest $562.50; total $11,812.50

  1. I = P × r × n = $11,250.00 × 0.025 × 2
  2. = $562.50
  3. Total = $11,250.00 + $562.50 = $11,812.50
6.$4,500.00 is invested at 6% per year, compounded yearly, for 5 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $6,022.02; interest $1,522.02

  1. A = P(1 + r)n = $4,500.00 × (1 + 0.06)5
  2. = $4,500.00 × 1.338226
  3. ≈ $6,022.02
  4. Interest = $6,022.02 − $4,500.00 = $1,522.02
7.$13,500.00 is invested at 6% per year, compounded yearly, for 4 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $17,043.44; interest $3,543.44

  1. A = P(1 + r)n = $13,500.00 × (1 + 0.06)4
  2. = $13,500.00 × 1.262477
  3. ≈ $17,043.44
  4. Interest = $17,043.44 − $13,500.00 = $3,543.44
8.$3,500.00 is invested at 4% per year, compounded yearly, for 5 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $4,258.29; interest $758.29

  1. A = P(1 + r)n = $3,500.00 × (1 + 0.04)5
  2. = $3,500.00 × 1.216653
  3. ≈ $4,258.29
  4. Interest = $4,258.29 − $3,500.00 = $758.29
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