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Year 10 Simple and Compound Interest Worksheet — Level 2 — Practice Set 4 — 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 4 — Answers

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

1.$2,250.00 is invested at 4% per year, compounded yearly, for 2 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $2,433.60; interest $183.60

  1. A = P(1 + r)n = $2,250.00 × (1 + 0.04)2
  2. = $2,250.00 × 1.0816
  3. ≈ $2,433.60
  4. Interest = $2,433.60 − $2,250.00 = $183.60
2.Find the simple interest on $11,750.00 invested at 3% per year for 6 years. What is the total value at the end?

Answer: Interest $2,115.00; total $13,865.00

  1. I = P × r × n = $11,750.00 × 0.03 × 6
  2. = $2,115.00
  3. Total = $11,750.00 + $2,115.00 = $13,865.00
3.Find the simple interest on $11,500.00 invested at 6% per year for 3 years. What is the total value at the end?

Answer: Interest $2,070.00; total $13,570.00

  1. I = P × r × n = $11,500.00 × 0.06 × 3
  2. = $2,070.00
  3. Total = $11,500.00 + $2,070.00 = $13,570.00
4.Find the simple interest on $7,000.00 invested at 5% per year for 3 years. What is the total value at the end?

Answer: Interest $1,050.00; total $8,050.00

  1. I = P × r × n = $7,000.00 × 0.05 × 3
  2. = $1,050.00
  3. Total = $7,000.00 + $1,050.00 = $8,050.00
5.$1,000.00 is invested at 8% per year, compounded yearly, for 3 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $1,259.71; interest $259.71

  1. A = P(1 + r)n = $1,000.00 × (1 + 0.08)3
  2. = $1,000.00 × 1.259712
  3. ≈ $1,259.71
  4. Interest = $1,259.71 − $1,000.00 = $259.71
6.$2,250.00 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 $2,458.64; interest $208.64

  1. A = P(1 + r)n = $2,250.00 × (1 + 0.03)3
  2. = $2,250.00 × 1.092727
  3. ≈ $2,458.64
  4. Interest = $2,458.64 − $2,250.00 = $208.64
7.Find the simple interest on $9,000.00 invested at 6% per year for 3 years. What is the total value at the end?

Answer: Interest $1,620.00; total $10,620.00

  1. I = P × r × n = $9,000.00 × 0.06 × 3
  2. = $1,620.00
  3. Total = $9,000.00 + $1,620.00 = $10,620.00
8.$6,750.00 is invested at 4.5% per year, compounded yearly, for 6 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $8,790.26; interest $2,040.26

  1. A = P(1 + r)n = $6,750.00 × (1 + 0.045)6
  2. = $6,750.00 × 1.30226
  3. ≈ $8,790.26
  4. Interest = $8,790.26 − $6,750.00 = $2,040.26
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