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Year 11 Simple and Compound Interest Worksheet — Level 2 — 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 — 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 $9,000.00 invested at 5% per year for 4 years. What is the total value at the end?

Answer: Interest $1,800.00; total $10,800.00

  1. I = P × r × n = $9,000.00 × 0.05 × 4
  2. = $1,800.00
  3. Total = $9,000.00 + $1,800.00 = $10,800.00
2.$8,000.00 is invested at 8% per year, compounded yearly, for 3 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $10,077.70; interest $2,077.70

  1. A = P(1 + r)n = $8,000.00 × (1 + 0.08)3
  2. = $8,000.00 × 1.259712
  3. ≈ $10,077.70
  4. Interest = $10,077.70 − $8,000.00 = $2,077.70
3.$5,750.00 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 $6,223.98; interest $473.98

  1. A = P(1 + r)n = $5,750.00 × (1 + 0.02)4
  2. = $5,750.00 × 1.082432
  3. ≈ $6,223.98
  4. Interest = $6,223.98 − $5,750.00 = $473.98
4.$2,500.00 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 $2,813.77; interest $313.77

  1. A = P(1 + r)n = $2,500.00 × (1 + 0.03)4
  2. = $2,500.00 × 1.125509
  3. ≈ $2,813.77
  4. Interest = $2,813.77 − $2,500.00 = $313.77
5.$3,250.00 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 $4,421.59; interest $1,171.59

  1. A = P(1 + r)n = $3,250.00 × (1 + 0.08)4
  2. = $3,250.00 × 1.360489
  3. ≈ $4,421.59
  4. Interest = $4,421.59 − $3,250.00 = $1,171.59
6.Find the simple interest on $9,000.00 invested at 2% per year for 2 years. What is the total value at the end?

Answer: Interest $360.00; total $9,360.00

  1. I = P × r × n = $9,000.00 × 0.02 × 2
  2. = $360.00
  3. Total = $9,000.00 + $360.00 = $9,360.00
7.Find the simple interest on $4,000.00 invested at 3% per year for 4 years. What is the total value at the end?

Answer: Interest $480.00; total $4,480.00

  1. I = P × r × n = $4,000.00 × 0.03 × 4
  2. = $480.00
  3. Total = $4,000.00 + $480.00 = $4,480.00
8.Find the simple interest on $11,750.00 invested at 6% per year for 2 years. What is the total value at the end?

Answer: Interest $1,410.00; total $13,160.00

  1. I = P × r × n = $11,750.00 × 0.06 × 2
  2. = $1,410.00
  3. Total = $11,750.00 + $1,410.00 = $13,160.00
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