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

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

1.$2,250.00 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 $2,737.47; interest $487.47

  1. A = P(1 + r)n = $2,250.00 × (1 + 0.04)5
  2. = $2,250.00 × 1.216653
  3. ≈ $2,737.47
  4. Interest = $2,737.47 − $2,250.00 = $487.47
2.Find the simple interest on $2,750.00 invested at 8% per year for 6 years. What is the total value at the end?

Answer: Interest $1,320.00; total $4,070.00

  1. I = P × r × n = $2,750.00 × 0.08 × 6
  2. = $1,320.00
  3. Total = $2,750.00 + $1,320.00 = $4,070.00
3.Find the simple interest on $7,500.00 invested at 5% per year for 5 years. What is the total value at the end?

Answer: Interest $1,875.00; total $9,375.00

  1. I = P × r × n = $7,500.00 × 0.05 × 5
  2. = $1,875.00
  3. Total = $7,500.00 + $1,875.00 = $9,375.00
4.Find the simple interest on $2,250.00 invested at 8% per year for 6 years. What is the total value at the end?

Answer: Interest $1,080.00; total $3,330.00

  1. I = P × r × n = $2,250.00 × 0.08 × 6
  2. = $1,080.00
  3. Total = $2,250.00 + $1,080.00 = $3,330.00
5.Find the simple interest on $3,500.00 invested at 8% per year for 2 years. What is the total value at the end?

Answer: Interest $560.00; total $4,060.00

  1. I = P × r × n = $3,500.00 × 0.08 × 2
  2. = $560.00
  3. Total = $3,500.00 + $560.00 = $4,060.00
6.$10,500.00 is invested at 2.5% per year, compounded yearly, for 6 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $12,176.78; interest $1,676.78

  1. A = P(1 + r)n = $10,500.00 × (1 + 0.025)6
  2. = $10,500.00 × 1.159693
  3. ≈ $12,176.78
  4. Interest = $12,176.78 − $10,500.00 = $1,676.78
7.$13,500.00 is invested at 5% per year, compounded yearly, for 3 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $15,627.94; interest $2,127.94

  1. A = P(1 + r)n = $13,500.00 × (1 + 0.05)3
  2. = $13,500.00 × 1.157625
  3. ≈ $15,627.94
  4. Interest = $15,627.94 − $13,500.00 = $2,127.94
8.$3,000.00 is invested at 2.5% per year, compounded yearly, for 6 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $3,479.08; interest $479.08

  1. A = P(1 + r)n = $3,000.00 × (1 + 0.025)6
  2. = $3,000.00 × 1.159693
  3. ≈ $3,479.08
  4. Interest = $3,479.08 − $3,000.00 = $479.08
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