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Year 11 Simple and Compound Interest Worksheet — Level 2 — Practice Set 4 — 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 4 — Answers

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

1.$13,500.00 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 $14,183.44; interest $683.44

  1. A = P(1 + r)n = $13,500.00 × (1 + 0.025)2
  2. = $13,500.00 × 1.050625
  3. ≈ $14,183.44
  4. Interest = $14,183.44 − $13,500.00 = $683.44
2.Find the simple interest on $5,750.00 invested at 2.5% per year for 4 years. What is the total value at the end?

Answer: Interest $575.00; total $6,325.00

  1. I = P × r × n = $5,750.00 × 0.025 × 4
  2. = $575.00
  3. Total = $5,750.00 + $575.00 = $6,325.00
3.$1,250.00 is invested at 2.5% per year, compounded yearly, for 3 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $1,346.11; interest $96.11

  1. A = P(1 + r)n = $1,250.00 × (1 + 0.025)3
  2. = $1,250.00 × 1.076891
  3. ≈ $1,346.11
  4. Interest = $1,346.11 − $1,250.00 = $96.11
4.Find the simple interest on $12,750.00 invested at 3% per year for 2 years. What is the total value at the end?

Answer: Interest $765.00; total $13,515.00

  1. I = P × r × n = $12,750.00 × 0.03 × 2
  2. = $765.00
  3. Total = $12,750.00 + $765.00 = $13,515.00
5.Find the simple interest on $9,250.00 invested at 3% per year for 3 years. What is the total value at the end?

Answer: Interest $832.50; total $10,082.50

  1. I = P × r × n = $9,250.00 × 0.03 × 3
  2. = $832.50
  3. Total = $9,250.00 + $832.50 = $10,082.50
6.Find the simple interest on $12,750.00 invested at 4.5% per year for 2 years. What is the total value at the end?

Answer: Interest $1,147.50; total $13,897.50

  1. I = P × r × n = $12,750.00 × 0.045 × 2
  2. = $1,147.50
  3. Total = $12,750.00 + $1,147.50 = $13,897.50
7.Find the simple interest on $3,000.00 invested at 2% per year for 4 years. What is the total value at the end?

Answer: Interest $240.00; total $3,240.00

  1. I = P × r × n = $3,000.00 × 0.02 × 4
  2. = $240.00
  3. Total = $3,000.00 + $240.00 = $3,240.00
8.Find the simple interest on $1,500.00 invested at 8% per year for 4 years. What is the total value at the end?

Answer: Interest $480.00; total $1,980.00

  1. I = P × r × n = $1,500.00 × 0.08 × 4
  2. = $480.00
  3. Total = $1,500.00 + $480.00 = $1,980.00
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