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

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

1.$3,250.00 is invested at 3% per year, compounded yearly, for 6 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $3,880.67; interest $630.67

  1. A = P(1 + r)n = $3,250.00 × (1 + 0.03)6
  2. = $3,250.00 × 1.194052
  3. ≈ $3,880.67
  4. Interest = $3,880.67 − $3,250.00 = $630.67
2.Find the simple interest on $12,500.00 invested at 4.5% per year for 6 years. What is the total value at the end?

Answer: Interest $3,375.00; total $15,875.00

  1. I = P × r × n = $12,500.00 × 0.045 × 6
  2. = $3,375.00
  3. Total = $12,500.00 + $3,375.00 = $15,875.00
3.Find the simple interest on $4,750.00 invested at 3% per year for 5 years. What is the total value at the end?

Answer: Interest $712.50; total $5,462.50

  1. I = P × r × n = $4,750.00 × 0.03 × 5
  2. = $712.50
  3. Total = $4,750.00 + $712.50 = $5,462.50
4.$9,000.00 is invested at 4% per year, compounded yearly, for 6 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $11,387.87; interest $2,387.87

  1. A = P(1 + r)n = $9,000.00 × (1 + 0.04)6
  2. = $9,000.00 × 1.265319
  3. ≈ $11,387.87
  4. Interest = $11,387.87 − $9,000.00 = $2,387.87
5.$1,750.00 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 $2,482.41; interest $732.41

  1. A = P(1 + r)n = $1,750.00 × (1 + 0.06)6
  2. = $1,750.00 × 1.418519
  3. ≈ $2,482.41
  4. Interest = $2,482.41 − $1,750.00 = $732.41
6.Find the simple interest on $1,250.00 invested at 5% per year for 6 years. What is the total value at the end?

Answer: Interest $375.00; total $1,625.00

  1. I = P × r × n = $1,250.00 × 0.05 × 6
  2. = $375.00
  3. Total = $1,250.00 + $375.00 = $1,625.00
7.$2,000.00 is invested at 3% per year, compounded yearly, for 2 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $2,121.80; interest $121.80

  1. A = P(1 + r)n = $2,000.00 × (1 + 0.03)2
  2. = $2,000.00 × 1.0609
  3. ≈ $2,121.80
  4. Interest = $2,121.80 − $2,000.00 = $121.80
8.$15,000.00 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 $17,395.40; interest $2,395.40

  1. A = P(1 + r)n = $15,000.00 × (1 + 0.025)6
  2. = $15,000.00 × 1.159693
  3. ≈ $17,395.40
  4. Interest = $17,395.40 − $15,000.00 = $2,395.40
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