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Year 11 Simple and Compound Interest Worksheet — Level 2 — Practice Set 3 — 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 3 — Answers

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

1.$4,250.00 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 $4,600.34; interest $350.34

  1. A = P(1 + r)n = $4,250.00 × (1 + 0.02)4
  2. = $4,250.00 × 1.082432
  3. ≈ $4,600.34
  4. Interest = $4,600.34 − $4,250.00 = $350.34
2.$8,750.00 is invested at 4% per year, compounded yearly, for 2 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $9,464.00; interest $714.00

  1. A = P(1 + r)n = $8,750.00 × (1 + 0.04)2
  2. = $8,750.00 × 1.0816
  3. ≈ $9,464.00
  4. Interest = $9,464.00 − $8,750.00 = $714.00
3.Find the simple interest on $4,250.00 invested at 3% per year for 6 years. What is the total value at the end?

Answer: Interest $765.00; total $5,015.00

  1. I = P × r × n = $4,250.00 × 0.03 × 6
  2. = $765.00
  3. Total = $4,250.00 + $765.00 = $5,015.00
4.$14,750.00 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 $17,945.63; interest $3,195.63

  1. A = P(1 + r)n = $14,750.00 × (1 + 0.04)5
  2. = $14,750.00 × 1.216653
  3. ≈ $17,945.63
  4. Interest = $17,945.63 − $14,750.00 = $3,195.63
5.Find the simple interest on $6,000.00 invested at 4% per year for 5 years. What is the total value at the end?

Answer: Interest $1,200.00; total $7,200.00

  1. I = P × r × n = $6,000.00 × 0.04 × 5
  2. = $1,200.00
  3. Total = $6,000.00 + $1,200.00 = $7,200.00
6.Find the simple interest on $2,750.00 invested at 4.5% per year for 2 years. What is the total value at the end?

Answer: Interest $247.50; total $2,997.50

  1. I = P × r × n = $2,750.00 × 0.045 × 2
  2. = $247.50
  3. Total = $2,750.00 + $247.50 = $2,997.50
7.$3,000.00 is invested at 2% per year, compounded yearly, for 3 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $3,183.62; interest $183.62

  1. A = P(1 + r)n = $3,000.00 × (1 + 0.02)3
  2. = $3,000.00 × 1.061208
  3. ≈ $3,183.62
  4. Interest = $3,183.62 − $3,000.00 = $183.62
8.$1,000.00 is invested at 4% per year, compounded yearly, for 6 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $1,265.32; interest $265.32

  1. A = P(1 + r)n = $1,000.00 × (1 + 0.04)6
  2. = $1,000.00 × 1.265319
  3. ≈ $1,265.32
  4. Interest = $1,265.32 − $1,000.00 = $265.32
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