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10th Grade Simple and Compound Interest Worksheet — Level 2 — Practice Set 3 — Answers

Answer sheet with worked solutions for the 10th Grade financial math worksheet.

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10th Grade Simple and Compound Interest Worksheet — Level 2 — Practice Set 3 — Answers

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

1.$13,250.00 is invested at 8% per year, compounded yearly, for 6 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $21,026.08; interest $7,776.08

  1. A = P(1 + r)n = $13,250.00 × (1 + 0.08)6
  2. = $13,250.00 × 1.586874
  3. ≈ $21,026.08
  4. Interest = $21,026.08 − $13,250.00 = $7,776.08
2.Find the simple interest on $10,750.00 invested at 2% per year for 3 years. What is the total value at the end?

Answer: Interest $645.00; total $11,395.00

  1. I = P × r × n = $10,750.00 × 0.02 × 3
  2. = $645.00
  3. Total = $10,750.00 + $645.00 = $11,395.00
3.$1,250.00 is invested at 2.5% per year, compounded yearly, for 5 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $1,414.26; interest $164.26

  1. A = P(1 + r)n = $1,250.00 × (1 + 0.025)5
  2. = $1,250.00 × 1.131408
  3. ≈ $1,414.26
  4. Interest = $1,414.26 − $1,250.00 = $164.26
4.$11,750.00 is invested at 2% per year, compounded yearly, for 6 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $13,232.41; interest $1,482.41

  1. A = P(1 + r)n = $11,750.00 × (1 + 0.02)6
  2. = $11,750.00 × 1.126162
  3. ≈ $13,232.41
  4. Interest = $13,232.41 − $11,750.00 = $1,482.41
5.$7,250.00 is invested at 5% per year, compounded yearly, for 5 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $9,253.04; interest $2,003.04

  1. A = P(1 + r)n = $7,250.00 × (1 + 0.05)5
  2. = $7,250.00 × 1.276282
  3. ≈ $9,253.04
  4. Interest = $9,253.04 − $7,250.00 = $2,003.04
6.Find the simple interest on $12,250.00 invested at 2.5% per year for 4 years. What is the total value at the end?

Answer: Interest $1,225.00; total $13,475.00

  1. I = P × r × n = $12,250.00 × 0.025 × 4
  2. = $1,225.00
  3. Total = $12,250.00 + $1,225.00 = $13,475.00
7.$6,500.00 is invested at 5% per year, compounded yearly, for 5 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $8,295.83; interest $1,795.83

  1. A = P(1 + r)n = $6,500.00 × (1 + 0.05)5
  2. = $6,500.00 × 1.276282
  3. ≈ $8,295.83
  4. Interest = $8,295.83 − $6,500.00 = $1,795.83
8.Find the simple interest on $13,750.00 invested at 2.5% per year for 4 years. What is the total value at the end?

Answer: Interest $1,375.00; total $15,125.00

  1. I = P × r × n = $13,750.00 × 0.025 × 4
  2. = $1,375.00
  3. Total = $13,750.00 + $1,375.00 = $15,125.00
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