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Year 11 Simple and Compound Interest Worksheet — Level 2 — Practice Set 3 — 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 3 — Answers

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

1.$14,500.00 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 $23,009.68; interest $8,509.68

  1. A = P(1 + r)n = $14,500.00 × (1 + 0.08)6
  2. = $14,500.00 × 1.586874
  3. ≈ $23,009.68
  4. Interest = $23,009.68 − $14,500.00 = $8,509.68
2.$4,000.00 is invested at 2.5% per year, compounded yearly, for 6 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $4,638.77; interest $638.77

  1. A = P(1 + r)n = $4,000.00 × (1 + 0.025)6
  2. = $4,000.00 × 1.159693
  3. ≈ $4,638.77
  4. Interest = $4,638.77 − $4,000.00 = $638.77
3.Find the simple interest on $8,250.00 invested at 5% per year for 6 years. What is the total value at the end?

Answer: Interest $2,475.00; total $10,725.00

  1. I = P × r × n = $8,250.00 × 0.05 × 6
  2. = $2,475.00
  3. Total = $8,250.00 + $2,475.00 = $10,725.00
4.$11,750.00 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 $14,282.20; interest $2,532.20

  1. A = P(1 + r)n = $11,750.00 × (1 + 0.05)4
  2. = $11,750.00 × 1.215506
  3. ≈ $14,282.20
  4. Interest = $14,282.20 − $11,750.00 = $2,532.20
5.Find the simple interest on $6,000.00 invested at 5% per year for 3 years. What is the total value at the end?

Answer: Interest $900.00; total $6,900.00

  1. I = P × r × n = $6,000.00 × 0.05 × 3
  2. = $900.00
  3. Total = $6,000.00 + $900.00 = $6,900.00
6.$6,250.00 is invested at 4.5% per year, compounded yearly, for 4 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $7,453.24; interest $1,203.24

  1. A = P(1 + r)n = $6,250.00 × (1 + 0.045)4
  2. = $6,250.00 × 1.192519
  3. ≈ $7,453.24
  4. Interest = $7,453.24 − $6,250.00 = $1,203.24
7.Find the simple interest on $11,750.00 invested at 2.5% per year for 3 years. What is the total value at the end?

Answer: Interest $881.25; total $12,631.25

  1. I = P × r × n = $11,750.00 × 0.025 × 3
  2. = $881.25
  3. Total = $11,750.00 + $881.25 = $12,631.25
8.$9,750.00 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 $10,762.18; interest $1,012.18

  1. A = P(1 + r)n = $9,750.00 × (1 + 0.025)4
  2. = $9,750.00 × 1.103813
  3. ≈ $10,762.18
  4. Interest = $10,762.18 − $9,750.00 = $1,012.18
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