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Year 9 Simple and Compound Interest Worksheet — Level 2 — Practice Set 3 — Answers

Answer sheet with worked solutions for the Year 9 financial mathematics worksheet.

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Success TutoringWorksheetsAnswer sheetYear 9 · Mathematics · Financial Mathematics

Year 9 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.Find the simple interest on $4,750.00 invested at 2.5% per year for 5 years. What is the total value at the end?

Answer: Interest $593.75; total $5,343.75

  1. I = P × r × n = $4,750.00 × 0.025 × 5
  2. = $593.75
  3. Total = $4,750.00 + $593.75 = $5,343.75
2.Find the simple interest on $5,500.00 invested at 8% per year for 2 years. What is the total value at the end?

Answer: Interest $880.00; total $6,380.00

  1. I = P × r × n = $5,500.00 × 0.08 × 2
  2. = $880.00
  3. Total = $5,500.00 + $880.00 = $6,380.00
3.Find the simple interest on $14,750.00 invested at 4% per year for 4 years. What is the total value at the end?

Answer: Interest $2,360.00; total $17,110.00

  1. I = P × r × n = $14,750.00 × 0.04 × 4
  2. = $2,360.00
  3. Total = $14,750.00 + $2,360.00 = $17,110.00
4.Find the simple interest on $12,750.00 invested at 4% per year for 2 years. What is the total value at the end?

Answer: Interest $1,020.00; total $13,770.00

  1. I = P × r × n = $12,750.00 × 0.04 × 2
  2. = $1,020.00
  3. Total = $12,750.00 + $1,020.00 = $13,770.00
5.$9,750.00 is invested at 5% per year, compounded yearly, for 2 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $10,749.38; interest $999.38

  1. A = P(1 + r)n = $9,750.00 × (1 + 0.05)2
  2. = $9,750.00 × 1.1025
  3. ≈ $10,749.38
  4. Interest = $10,749.38 − $9,750.00 = $999.38
6.$9,250.00 is invested at 4.5% per year, compounded yearly, for 5 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $11,527.18; interest $2,277.18

  1. A = P(1 + r)n = $9,250.00 × (1 + 0.045)5
  2. = $9,250.00 × 1.246182
  3. ≈ $11,527.18
  4. Interest = $11,527.18 − $9,250.00 = $2,277.18
7.$13,750.00 is invested at 2% per year, compounded yearly, for 2 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $14,305.50; interest $555.50

  1. A = P(1 + r)n = $13,750.00 × (1 + 0.02)2
  2. = $13,750.00 × 1.0404
  3. ≈ $14,305.50
  4. Interest = $14,305.50 − $13,750.00 = $555.50
8.$14,250.00 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 $16,621.20; interest $2,371.20

  1. A = P(1 + r)n = $14,250.00 × (1 + 0.08)2
  2. = $14,250.00 × 1.1664
  3. ≈ $16,621.20
  4. Interest = $16,621.20 − $14,250.00 = $2,371.20
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