Success TutoringWorksheets

Year 11 Simple and Compound Interest Worksheet — Level 2 — Answers

Answer sheet with worked solutions for the Year 11 financial mathematics worksheet.

Download answers PDFPrint answersBack to worksheet
Success TutoringWorksheetsAnswer sheetYear 11 · Mathematics · Financial Mathematics

Year 11 Simple and Compound Interest Worksheet — Level 2 — Answers

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

1.$1,250.00 is invested at 2% per year, compounded yearly, for 6 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $1,407.70; interest $157.70

  1. A = P(1 + r)n = $1,250.00 × (1 + 0.02)6
  2. = $1,250.00 × 1.126162
  3. ≈ $1,407.70
  4. Interest = $1,407.70 − $1,250.00 = $157.70
2.$8,750.00 is invested at 2% per year, compounded yearly, for 3 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $9,285.57; interest $535.57

  1. A = P(1 + r)n = $8,750.00 × (1 + 0.02)3
  2. = $8,750.00 × 1.061208
  3. ≈ $9,285.57
  4. Interest = $9,285.57 − $8,750.00 = $535.57
3.Find the simple interest on $5,000.00 invested at 3% per year for 6 years. What is the total value at the end?

Answer: Interest $900.00; total $5,900.00

  1. I = P × r × n = $5,000.00 × 0.03 × 6
  2. = $900.00
  3. Total = $5,000.00 + $900.00 = $5,900.00
4.$5,250.00 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 $5,678.40; interest $428.40

  1. A = P(1 + r)n = $5,250.00 × (1 + 0.04)2
  2. = $5,250.00 × 1.0816
  3. ≈ $5,678.40
  4. Interest = $5,678.40 − $5,250.00 = $428.40
5.Find the simple interest on $11,500.00 invested at 4% per year for 4 years. What is the total value at the end?

Answer: Interest $1,840.00; total $13,340.00

  1. I = P × r × n = $11,500.00 × 0.04 × 4
  2. = $1,840.00
  3. Total = $11,500.00 + $1,840.00 = $13,340.00
6.$2,000.00 is invested at 6% per year, compounded yearly, for 3 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $2,382.03; interest $382.03

  1. A = P(1 + r)n = $2,000.00 × (1 + 0.06)3
  2. = $2,000.00 × 1.191016
  3. ≈ $2,382.03
  4. Interest = $2,382.03 − $2,000.00 = $382.03
7.$14,250.00 is invested at 6% per year, compounded yearly, for 2 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $16,011.30; interest $1,761.30

  1. A = P(1 + r)n = $14,250.00 × (1 + 0.06)2
  2. = $14,250.00 × 1.1236
  3. ≈ $16,011.30
  4. Interest = $16,011.30 − $14,250.00 = $1,761.30
8.Find the simple interest on $10,750.00 invested at 2.5% per year for 4 years. What is the total value at the end?

Answer: Interest $1,075.00; total $11,825.00

  1. I = P × r × n = $10,750.00 × 0.025 × 4
  2. = $1,075.00
  3. Total = $10,750.00 + $1,075.00 = $11,825.00
Free worksheets at worksheets.successtutoring.com · © Success Tutoring · Free for personal and classroom use

Marking tips

  • Give credit for correct method even when the final answer slips — the working shows where the thinking went right.
  • For open-ended tasks, use the success criteria as a checklist rather than looking for one "right" answer.
  • Celebrate what went well first, then pick one thing to work on next.

Great work. Here's what to try next: