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Year 10 Simple and Compound Interest Worksheet — Level 2 — 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 — 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 $3,750.00 invested at 4% per year for 3 years. What is the total value at the end?

Answer: Interest $450.00; total $4,200.00

  1. I = P × r × n = $3,750.00 × 0.04 × 3
  2. = $450.00
  3. Total = $3,750.00 + $450.00 = $4,200.00
2.$1,250.00 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 $1,380.10; interest $130.10

  1. A = P(1 + r)n = $1,250.00 × (1 + 0.02)5
  2. = $1,250.00 × 1.104081
  3. ≈ $1,380.10
  4. Interest = $1,380.10 − $1,250.00 = $130.10
3.$13,250.00 is invested at 4.5% per year, compounded yearly, for 3 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $15,120.45; interest $1,870.45

  1. A = P(1 + r)n = $13,250.00 × (1 + 0.045)3
  2. = $13,250.00 × 1.141166
  3. ≈ $15,120.45
  4. Interest = $15,120.45 − $13,250.00 = $1,870.45
4.Find the simple interest on $14,500.00 invested at 4.5% per year for 4 years. What is the total value at the end?

Answer: Interest $2,610.00; total $17,110.00

  1. I = P × r × n = $14,500.00 × 0.045 × 4
  2. = $2,610.00
  3. Total = $14,500.00 + $2,610.00 = $17,110.00
5.$8,500.00 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 $9,550.60; interest $1,050.60

  1. A = P(1 + r)n = $8,500.00 × (1 + 0.06)2
  2. = $8,500.00 × 1.1236
  3. ≈ $9,550.60
  4. Interest = $9,550.60 − $8,500.00 = $1,050.60
6.$13,000.00 is invested at 2% per year, compounded yearly, for 4 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $14,071.62; interest $1,071.62

  1. A = P(1 + r)n = $13,000.00 × (1 + 0.02)4
  2. = $13,000.00 × 1.082432
  3. ≈ $14,071.62
  4. Interest = $14,071.62 − $13,000.00 = $1,071.62
7.Find the simple interest on $1,000.00 invested at 8% per year for 5 years. What is the total value at the end?

Answer: Interest $400.00; total $1,400.00

  1. I = P × r × n = $1,000.00 × 0.08 × 5
  2. = $400.00
  3. Total = $1,000.00 + $400.00 = $1,400.00
8.$1,000.00 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 $1,340.10; interest $340.10

  1. A = P(1 + r)n = $1,000.00 × (1 + 0.05)6
  2. = $1,000.00 × 1.340096
  3. ≈ $1,340.10
  4. Interest = $1,340.10 − $1,000.00 = $340.10
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