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Year 10 Simple and Compound Interest Worksheet — Level 2 — Practice Set 3 — 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 3 — Answers

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

1.$10,000.00 is invested at 4% per year, compounded yearly, for 4 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $11,698.59; interest $1,698.59

  1. A = P(1 + r)n = $10,000.00 × (1 + 0.04)4
  2. = $10,000.00 × 1.169859
  3. ≈ $11,698.59
  4. Interest = $11,698.59 − $10,000.00 = $1,698.59
2.Find the simple interest on $14,250.00 invested at 4% per year for 5 years. What is the total value at the end?

Answer: Interest $2,850.00; total $17,100.00

  1. I = P × r × n = $14,250.00 × 0.04 × 5
  2. = $2,850.00
  3. Total = $14,250.00 + $2,850.00 = $17,100.00
3.$3,500.00 is invested at 3% per year, compounded yearly, for 3 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $3,824.54; interest $324.54

  1. A = P(1 + r)n = $3,500.00 × (1 + 0.03)3
  2. = $3,500.00 × 1.092727
  3. ≈ $3,824.54
  4. Interest = $3,824.54 − $3,500.00 = $324.54
4.Find the simple interest on $1,750.00 invested at 8% per year for 3 years. What is the total value at the end?

Answer: Interest $420.00; total $2,170.00

  1. I = P × r × n = $1,750.00 × 0.08 × 3
  2. = $420.00
  3. Total = $1,750.00 + $420.00 = $2,170.00
5.Find the simple interest on $3,500.00 invested at 4.5% per year for 3 years. What is the total value at the end?

Answer: Interest $472.50; total $3,972.50

  1. I = P × r × n = $3,500.00 × 0.045 × 3
  2. = $472.50
  3. Total = $3,500.00 + $472.50 = $3,972.50
6.Find the simple interest on $12,000.00 invested at 2.5% per year for 6 years. What is the total value at the end?

Answer: Interest $1,800.00; total $13,800.00

  1. I = P × r × n = $12,000.00 × 0.025 × 6
  2. = $1,800.00
  3. Total = $12,000.00 + $1,800.00 = $13,800.00
7.Find the simple interest on $8,750.00 invested at 4.5% per year for 3 years. What is the total value at the end?

Answer: Interest $1,181.25; total $9,931.25

  1. I = P × r × n = $8,750.00 × 0.045 × 3
  2. = $1,181.25
  3. Total = $8,750.00 + $1,181.25 = $9,931.25
8.Find the simple interest on $2,750.00 invested at 6% per year for 3 years. What is the total value at the end?

Answer: Interest $495.00; total $3,245.00

  1. I = P × r × n = $2,750.00 × 0.06 × 3
  2. = $495.00
  3. Total = $2,750.00 + $495.00 = $3,245.00
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