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Year 10 Simple and Compound Interest Worksheet — Level 2 — Practice Set 4 — 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 — Practice Set 4 — Answers

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

1.$12,750.00 is invested at 8% per year, compounded yearly, for 5 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $18,733.93; interest $5,983.93

  1. A = P(1 + r)n = $12,750.00 × (1 + 0.08)5
  2. = $12,750.00 × 1.469328
  3. ≈ $18,733.93
  4. Interest = $18,733.93 − $12,750.00 = $5,983.93
2.$13,000.00 is invested at 4% per year, compounded yearly, for 5 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $15,816.49; interest $2,816.49

  1. A = P(1 + r)n = $13,000.00 × (1 + 0.04)5
  2. = $13,000.00 × 1.216653
  3. ≈ $15,816.49
  4. Interest = $15,816.49 − $13,000.00 = $2,816.49
3.$5,500.00 is invested at 8% per year, compounded yearly, for 2 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $6,415.20; interest $915.20

  1. A = P(1 + r)n = $5,500.00 × (1 + 0.08)2
  2. = $5,500.00 × 1.1664
  3. ≈ $6,415.20
  4. Interest = $6,415.20 − $5,500.00 = $915.20
4.$9,500.00 is invested at 2.5% per year, compounded yearly, for 2 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $9,980.94; interest $480.94

  1. A = P(1 + r)n = $9,500.00 × (1 + 0.025)2
  2. = $9,500.00 × 1.050625
  3. ≈ $9,980.94
  4. Interest = $9,980.94 − $9,500.00 = $480.94
5.$2,000.00 is invested at 3% per year, compounded yearly, for 4 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $2,251.02; interest $251.02

  1. A = P(1 + r)n = $2,000.00 × (1 + 0.03)4
  2. = $2,000.00 × 1.125509
  3. ≈ $2,251.02
  4. Interest = $2,251.02 − $2,000.00 = $251.02
6.Find the simple interest on $9,000.00 invested at 6% per year for 6 years. What is the total value at the end?

Answer: Interest $3,240.00; total $12,240.00

  1. I = P × r × n = $9,000.00 × 0.06 × 6
  2. = $3,240.00
  3. Total = $9,000.00 + $3,240.00 = $12,240.00
7.Find the simple interest on $4,500.00 invested at 2.5% per year for 6 years. What is the total value at the end?

Answer: Interest $675.00; total $5,175.00

  1. I = P × r × n = $4,500.00 × 0.025 × 6
  2. = $675.00
  3. Total = $4,500.00 + $675.00 = $5,175.00
8.$7,500.00 is invested at 2.5% per year, compounded yearly, for 2 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $7,879.69; interest $379.69

  1. A = P(1 + r)n = $7,500.00 × (1 + 0.025)2
  2. = $7,500.00 × 1.050625
  3. ≈ $7,879.69
  4. Interest = $7,879.69 − $7,500.00 = $379.69
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