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Year 11 Simple and Compound Interest Worksheet — Level 2 — Practice Set 3 — Answers

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

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Success TutoringWorksheetsAnswer sheetYear 11 · Mathematics · Financial Mathematics

Year 11 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.$11,750.00 is invested at 6% per year, compounded yearly, for 5 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $15,724.15; interest $3,974.15

  1. A = P(1 + r)n = $11,750.00 × (1 + 0.06)5
  2. = $11,750.00 × 1.338226
  3. ≈ $15,724.15
  4. Interest = $15,724.15 − $11,750.00 = $3,974.15
2.$14,000.00 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 $19,859.27; interest $5,859.27

  1. A = P(1 + r)n = $14,000.00 × (1 + 0.06)6
  2. = $14,000.00 × 1.418519
  3. ≈ $19,859.27
  4. Interest = $19,859.27 − $14,000.00 = $5,859.27
3.$14,750.00 is invested at 2% per year, compounded yearly, for 5 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $16,285.19; interest $1,535.19

  1. A = P(1 + r)n = $14,750.00 × (1 + 0.02)5
  2. = $14,750.00 × 1.104081
  3. ≈ $16,285.19
  4. Interest = $16,285.19 − $14,750.00 = $1,535.19
4.$5,250.00 is invested at 2% per year, compounded yearly, for 5 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $5,796.42; interest $546.42

  1. A = P(1 + r)n = $5,250.00 × (1 + 0.02)5
  2. = $5,250.00 × 1.104081
  3. ≈ $5,796.42
  4. Interest = $5,796.42 − $5,250.00 = $546.42
5.Find the simple interest on $4,500.00 invested at 2% per year for 3 years. What is the total value at the end?

Answer: Interest $270.00; total $4,770.00

  1. I = P × r × n = $4,500.00 × 0.02 × 3
  2. = $270.00
  3. Total = $4,500.00 + $270.00 = $4,770.00
6.Find the simple interest on $8,250.00 invested at 2.5% per year for 5 years. What is the total value at the end?

Answer: Interest $1,031.25; total $9,281.25

  1. I = P × r × n = $8,250.00 × 0.025 × 5
  2. = $1,031.25
  3. Total = $8,250.00 + $1,031.25 = $9,281.25
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.$3,750.00 is invested at 5% per year, compounded yearly, for 6 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $5,025.36; interest $1,275.36

  1. A = P(1 + r)n = $3,750.00 × (1 + 0.05)6
  2. = $3,750.00 × 1.340096
  3. ≈ $5,025.36
  4. Interest = $5,025.36 − $3,750.00 = $1,275.36
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