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Year 12 Simple and Compound Interest Worksheet — Level 2 — Practice Set 4 — Answers

Answer sheet with worked solutions for the Year 12 financial mathematics worksheet.

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Success TutoringWorksheetsAnswer sheetYear 12 · Mathematics · Financial Mathematics

Year 12 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.$8,250.00 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 $10,743.65; interest $2,493.65

  1. A = P(1 + r)n = $8,250.00 × (1 + 0.045)6
  2. = $8,250.00 × 1.30226
  3. ≈ $10,743.65
  4. Interest = $10,743.65 − $8,250.00 = $2,493.65
2.Find the simple interest on $2,250.00 invested at 4.5% per year for 6 years. What is the total value at the end?

Answer: Interest $607.50; total $2,857.50

  1. I = P × r × n = $2,250.00 × 0.045 × 6
  2. = $607.50
  3. Total = $2,250.00 + $607.50 = $2,857.50
3.$11,250.00 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 $15,055.04; interest $3,805.04

  1. A = P(1 + r)n = $11,250.00 × (1 + 0.06)5
  2. = $11,250.00 × 1.338226
  3. ≈ $15,055.04
  4. Interest = $15,055.04 − $11,250.00 = $3,805.04
4.Find the simple interest on $2,250.00 invested at 5% per year for 6 years. What is the total value at the end?

Answer: Interest $675.00; total $2,925.00

  1. I = P × r × n = $2,250.00 × 0.05 × 6
  2. = $675.00
  3. Total = $2,250.00 + $675.00 = $2,925.00
5.$4,500.00 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 $4,968.36; interest $468.36

  1. A = P(1 + r)n = $4,500.00 × (1 + 0.02)5
  2. = $4,500.00 × 1.104081
  3. ≈ $4,968.36
  4. Interest = $4,968.36 − $4,500.00 = $468.36
6.$13,750.00 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 $15,484.73; interest $1,734.73

  1. A = P(1 + r)n = $13,750.00 × (1 + 0.02)6
  2. = $13,750.00 × 1.126162
  3. ≈ $15,484.73
  4. Interest = $15,484.73 − $13,750.00 = $1,734.73
7.Find the simple interest on $10,500.00 invested at 3% per year for 3 years. What is the total value at the end?

Answer: Interest $945.00; total $11,445.00

  1. I = P × r × n = $10,500.00 × 0.03 × 3
  2. = $945.00
  3. Total = $10,500.00 + $945.00 = $11,445.00
8.$13,000.00 is invested at 4.5% per year, compounded yearly, for 4 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $15,502.74; interest $2,502.74

  1. A = P(1 + r)n = $13,000.00 × (1 + 0.045)4
  2. = $13,000.00 × 1.192519
  3. ≈ $15,502.74
  4. Interest = $15,502.74 − $13,000.00 = $2,502.74
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