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Year 9 Simple and Compound Interest Worksheet — Level 2 — Practice Set 4 — 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 4 — Answers

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

1.$8,000.00 is invested at 4.5% per year, compounded yearly, for 3 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $9,129.33; interest $1,129.33

  1. A = P(1 + r)n = $8,000.00 × (1 + 0.045)3
  2. = $8,000.00 × 1.141166
  3. ≈ $9,129.33
  4. Interest = $9,129.33 − $8,000.00 = $1,129.33
2.$13,750.00 is invested at 3% per year, compounded yearly, for 4 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $15,475.75; interest $1,725.75

  1. A = P(1 + r)n = $13,750.00 × (1 + 0.03)4
  2. = $13,750.00 × 1.125509
  3. ≈ $15,475.75
  4. Interest = $15,475.75 − $13,750.00 = $1,725.75
3.Find the simple interest on $6,000.00 invested at 3% per year for 6 years. What is the total value at the end?

Answer: Interest $1,080.00; total $7,080.00

  1. I = P × r × n = $6,000.00 × 0.03 × 6
  2. = $1,080.00
  3. Total = $6,000.00 + $1,080.00 = $7,080.00
4.$8,500.00 is invested at 3% per year, compounded yearly, for 5 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $9,853.83; interest $1,353.83

  1. A = P(1 + r)n = $8,500.00 × (1 + 0.03)5
  2. = $8,500.00 × 1.159274
  3. ≈ $9,853.83
  4. Interest = $9,853.83 − $8,500.00 = $1,353.83
5.Find the simple interest on $11,000.00 invested at 3% per year for 3 years. What is the total value at the end?

Answer: Interest $990.00; total $11,990.00

  1. I = P × r × n = $11,000.00 × 0.03 × 3
  2. = $990.00
  3. Total = $11,000.00 + $990.00 = $11,990.00
6.$7,250.00 is invested at 6% per year, compounded yearly, for 6 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $10,284.26; interest $3,034.26

  1. A = P(1 + r)n = $7,250.00 × (1 + 0.06)6
  2. = $7,250.00 × 1.418519
  3. ≈ $10,284.26
  4. Interest = $10,284.26 − $7,250.00 = $3,034.26
7.$3,500.00 is invested at 5% per year, compounded yearly, for 2 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $3,858.75; interest $358.75

  1. A = P(1 + r)n = $3,500.00 × (1 + 0.05)2
  2. = $3,500.00 × 1.1025
  3. ≈ $3,858.75
  4. Interest = $3,858.75 − $3,500.00 = $358.75
8.Find the simple interest on $1,750.00 invested at 6% per year for 3 years. What is the total value at the end?

Answer: Interest $315.00; total $2,065.00

  1. I = P × r × n = $1,750.00 × 0.06 × 3
  2. = $315.00
  3. Total = $1,750.00 + $315.00 = $2,065.00
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