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Year 11 Simple and Compound Interest Worksheet — Level 2 — Practice Set 4 — 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 4 — Answers

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

1.Find the simple interest on $11,250.00 invested at 6% per year for 4 years. What is the total value at the end?

Answer: Interest $2,700.00; total $13,950.00

  1. I = P × r × n = $11,250.00 × 0.06 × 4
  2. = $2,700.00
  3. Total = $11,250.00 + $2,700.00 = $13,950.00
2.$6,250.00 is invested at 8% per year, compounded yearly, for 4 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $8,503.06; interest $2,253.06

  1. A = P(1 + r)n = $6,250.00 × (1 + 0.08)4
  2. = $6,250.00 × 1.360489
  3. ≈ $8,503.06
  4. Interest = $8,503.06 − $6,250.00 = $2,253.06
3.$6,500.00 is invested at 8% per year, compounded yearly, for 4 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $8,843.18; interest $2,343.18

  1. A = P(1 + r)n = $6,500.00 × (1 + 0.08)4
  2. = $6,500.00 × 1.360489
  3. ≈ $8,843.18
  4. Interest = $8,843.18 − $6,500.00 = $2,343.18
4.Find the simple interest on $7,250.00 invested at 5% per year for 3 years. What is the total value at the end?

Answer: Interest $1,087.50; total $8,337.50

  1. I = P × r × n = $7,250.00 × 0.05 × 3
  2. = $1,087.50
  3. Total = $7,250.00 + $1,087.50 = $8,337.50
5.$8,500.00 is invested at 6% per year, compounded yearly, for 4 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $10,731.05; interest $2,231.05

  1. A = P(1 + r)n = $8,500.00 × (1 + 0.06)4
  2. = $8,500.00 × 1.262477
  3. ≈ $10,731.05
  4. Interest = $10,731.05 − $8,500.00 = $2,231.05
6.Find the simple interest on $8,250.00 invested at 3% per year for 6 years. What is the total value at the end?

Answer: Interest $1,485.00; total $9,735.00

  1. I = P × r × n = $8,250.00 × 0.03 × 6
  2. = $1,485.00
  3. Total = $8,250.00 + $1,485.00 = $9,735.00
7.$9,250.00 is invested at 3% per year, compounded yearly, for 5 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $10,723.29; interest $1,473.29

  1. A = P(1 + r)n = $9,250.00 × (1 + 0.03)5
  2. = $9,250.00 × 1.159274
  3. ≈ $10,723.29
  4. Interest = $10,723.29 − $9,250.00 = $1,473.29
8.Find the simple interest on $9,500.00 invested at 5% per year for 6 years. What is the total value at the end?

Answer: Interest $2,850.00; total $12,350.00

  1. I = P × r × n = $9,500.00 × 0.05 × 6
  2. = $2,850.00
  3. Total = $9,500.00 + $2,850.00 = $12,350.00
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