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10th Grade Simple and Compound Interest Worksheet — Level 2 — Practice Set 4 — 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 4 — Answers

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

1.$1,750.00 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 $2,041.20; interest $291.20

  1. A = P(1 + r)n = $1,750.00 × (1 + 0.08)2
  2. = $1,750.00 × 1.1664
  3. ≈ $2,041.20
  4. Interest = $2,041.20 − $1,750.00 = $291.20
2.$7,750.00 is invested at 6% per year, compounded yearly, for 5 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $10,371.25; interest $2,621.25

  1. A = P(1 + r)n = $7,750.00 × (1 + 0.06)5
  2. = $7,750.00 × 1.338226
  3. ≈ $10,371.25
  4. Interest = $10,371.25 − $7,750.00 = $2,621.25
3.Find the simple interest on $13,000.00 invested at 8% per year for 2 years. What is the total value at the end?

Answer: Interest $2,080.00; total $15,080.00

  1. I = P × r × n = $13,000.00 × 0.08 × 2
  2. = $2,080.00
  3. Total = $13,000.00 + $2,080.00 = $15,080.00
4.Find the simple interest on $14,000.00 invested at 2.5% per year for 3 years. What is the total value at the end?

Answer: Interest $1,050.00; total $15,050.00

  1. I = P × r × n = $14,000.00 × 0.025 × 3
  2. = $1,050.00
  3. Total = $14,000.00 + $1,050.00 = $15,050.00
5.$7,000.00 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 $8,933.97; interest $1,933.97

  1. A = P(1 + r)n = $7,000.00 × (1 + 0.05)5
  2. = $7,000.00 × 1.276282
  3. ≈ $8,933.97
  4. Interest = $8,933.97 − $7,000.00 = $1,933.97
6.$3,500.00 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 $4,258.29; interest $758.29

  1. A = P(1 + r)n = $3,500.00 × (1 + 0.04)5
  2. = $3,500.00 × 1.216653
  3. ≈ $4,258.29
  4. Interest = $4,258.29 − $3,500.00 = $758.29
7.Find the simple interest on $13,500.00 invested at 4% per year for 2 years. What is the total value at the end?

Answer: Interest $1,080.00; total $14,580.00

  1. I = P × r × n = $13,500.00 × 0.04 × 2
  2. = $1,080.00
  3. Total = $13,500.00 + $1,080.00 = $14,580.00
8.$2,000.00 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 $2,530.64; interest $530.64

  1. A = P(1 + r)n = $2,000.00 × (1 + 0.04)6
  2. = $2,000.00 × 1.265319
  3. ≈ $2,530.64
  4. Interest = $2,530.64 − $2,000.00 = $530.64
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