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Year 9 Simple and Compound Interest Worksheet — Level 2 — Practice Set 3 — Answers

Answer sheet with worked solutions for the Year 9 financial mathematics worksheet.

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Success TutoringWorksheetsAnswer sheetYear 9 · Mathematics · Financial Mathematics

Year 9 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.$7,750.00 is invested at 5% per year, compounded yearly, for 3 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $8,971.59; interest $1,221.59

  1. A = P(1 + r)n = $7,750.00 × (1 + 0.05)3
  2. = $7,750.00 × 1.157625
  3. ≈ $8,971.59
  4. Interest = $8,971.59 − $7,750.00 = $1,221.59
2.Find the simple interest on $12,750.00 invested at 2% per year for 6 years. What is the total value at the end?

Answer: Interest $1,530.00; total $14,280.00

  1. I = P × r × n = $12,750.00 × 0.02 × 6
  2. = $1,530.00
  3. Total = $12,750.00 + $1,530.00 = $14,280.00
3.Find the simple interest on $9,500.00 invested at 5% per year for 2 years. What is the total value at the end?

Answer: Interest $950.00; total $10,450.00

  1. I = P × r × n = $9,500.00 × 0.05 × 2
  2. = $950.00
  3. Total = $9,500.00 + $950.00 = $10,450.00
4.$14,750.00 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 $17,589.65; interest $2,839.65

  1. A = P(1 + r)n = $14,750.00 × (1 + 0.045)4
  2. = $14,750.00 × 1.192519
  3. ≈ $17,589.65
  4. Interest = $17,589.65 − $14,750.00 = $2,839.65
5.$5,250.00 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 $5,682.77; interest $432.77

  1. A = P(1 + r)n = $5,250.00 × (1 + 0.02)4
  2. = $5,250.00 × 1.082432
  3. ≈ $5,682.77
  4. Interest = $5,682.77 − $5,250.00 = $432.77
6.$13,000.00 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 $20,629.37; interest $7,629.37

  1. A = P(1 + r)n = $13,000.00 × (1 + 0.08)6
  2. = $13,000.00 × 1.586874
  3. ≈ $20,629.37
  4. Interest = $20,629.37 − $13,000.00 = $7,629.37
7.Find the simple interest on $4,500.00 invested at 5% per year for 5 years. What is the total value at the end?

Answer: Interest $1,125.00; total $5,625.00

  1. I = P × r × n = $4,500.00 × 0.05 × 5
  2. = $1,125.00
  3. Total = $4,500.00 + $1,125.00 = $5,625.00
8.Find the simple interest on $13,250.00 invested at 3% per year for 5 years. What is the total value at the end?

Answer: Interest $1,987.50; total $15,237.50

  1. I = P × r × n = $13,250.00 × 0.03 × 5
  2. = $1,987.50
  3. Total = $13,250.00 + $1,987.50 = $15,237.50
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