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Year 9 Simple and Compound Interest Worksheet — Level 2 — Practice Set 4 — 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 4 — 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 $7,750.00 invested at 4% per year for 4 years. What is the total value at the end?

Answer: Interest $1,240.00; total $8,990.00

  1. I = P × r × n = $7,750.00 × 0.04 × 4
  2. = $1,240.00
  3. Total = $7,750.00 + $1,240.00 = $8,990.00
2.$9,750.00 is invested at 2.5% per year, compounded yearly, for 4 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $10,762.18; interest $1,012.18

  1. A = P(1 + r)n = $9,750.00 × (1 + 0.025)4
  2. = $9,750.00 × 1.103813
  3. ≈ $10,762.18
  4. Interest = $10,762.18 − $9,750.00 = $1,012.18
3.Find the simple interest on $2,250.00 invested at 5% per year for 2 years. What is the total value at the end?

Answer: Interest $225.00; total $2,475.00

  1. I = P × r × n = $2,250.00 × 0.05 × 2
  2. = $225.00
  3. Total = $2,250.00 + $225.00 = $2,475.00
4.Find the simple interest on $6,250.00 invested at 4% per year for 3 years. What is the total value at the end?

Answer: Interest $750.00; total $7,000.00

  1. I = P × r × n = $6,250.00 × 0.04 × 3
  2. = $750.00
  3. Total = $6,250.00 + $750.00 = $7,000.00
5.$11,000.00 is invested at 6% per year, compounded yearly, for 4 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $13,887.25; interest $2,887.25

  1. A = P(1 + r)n = $11,000.00 × (1 + 0.06)4
  2. = $11,000.00 × 1.262477
  3. ≈ $13,887.25
  4. Interest = $13,887.25 − $11,000.00 = $2,887.25
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.Find the simple interest on $10,250.00 invested at 2.5% per year for 6 years. What is the total value at the end?

Answer: Interest $1,537.50; total $11,787.50

  1. I = P × r × n = $10,250.00 × 0.025 × 6
  2. = $1,537.50
  3. Total = $10,250.00 + $1,537.50 = $11,787.50
8.Find the simple interest on $14,000.00 invested at 8% per year for 3 years. What is the total value at the end?

Answer: Interest $3,360.00; total $17,360.00

  1. I = P × r × n = $14,000.00 × 0.08 × 3
  2. = $3,360.00
  3. Total = $14,000.00 + $3,360.00 = $17,360.00
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