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11th Grade Simple and Compound Interest Worksheet — Level 2 — Practice Set 3 — Answers

Answer sheet with worked solutions for the 11th Grade financial math worksheet.

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11th 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.$14,250.00 is invested at 3% per year, compounded yearly, for 4 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $16,038.50; interest $1,788.50

  1. A = P(1 + r)n = $14,250.00 × (1 + 0.03)4
  2. = $14,250.00 × 1.125509
  3. ≈ $16,038.50
  4. Interest = $16,038.50 − $14,250.00 = $1,788.50
2.$2,250.00 is invested at 4.5% per year, compounded yearly, for 2 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $2,457.06; interest $207.06

  1. A = P(1 + r)n = $2,250.00 × (1 + 0.045)2
  2. = $2,250.00 × 1.092025
  3. ≈ $2,457.06
  4. Interest = $2,457.06 − $2,250.00 = $207.06
3.Find the simple interest on $11,250.00 invested at 3% per year for 2 years. What is the total value at the end?

Answer: Interest $675.00; total $11,925.00

  1. I = P × r × n = $11,250.00 × 0.03 × 2
  2. = $675.00
  3. Total = $11,250.00 + $675.00 = $11,925.00
4.Find the simple interest on $9,250.00 invested at 4.5% per year for 6 years. What is the total value at the end?

Answer: Interest $2,497.50; total $11,747.50

  1. I = P × r × n = $9,250.00 × 0.045 × 6
  2. = $2,497.50
  3. Total = $9,250.00 + $2,497.50 = $11,747.50
5.$8,500.00 is invested at 3% per year, compounded yearly, for 2 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $9,017.65; interest $517.65

  1. A = P(1 + r)n = $8,500.00 × (1 + 0.03)2
  2. = $8,500.00 × 1.0609
  3. ≈ $9,017.65
  4. Interest = $9,017.65 − $8,500.00 = $517.65
6.$5,500.00 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 $5,722.20; interest $222.20

  1. A = P(1 + r)n = $5,500.00 × (1 + 0.02)2
  2. = $5,500.00 × 1.0404
  3. ≈ $5,722.20
  4. Interest = $5,722.20 − $5,500.00 = $222.20
7.Find the simple interest on $7,750.00 invested at 5% per year for 4 years. What is the total value at the end?

Answer: Interest $1,550.00; total $9,300.00

  1. I = P × r × n = $7,750.00 × 0.05 × 4
  2. = $1,550.00
  3. Total = $7,750.00 + $1,550.00 = $9,300.00
8.$4,000.00 is invested at 8% per year, compounded yearly, for 5 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $5,877.31; interest $1,877.31

  1. A = P(1 + r)n = $4,000.00 × (1 + 0.08)5
  2. = $4,000.00 × 1.469328
  3. ≈ $5,877.31
  4. Interest = $5,877.31 − $4,000.00 = $1,877.31
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