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11th Grade Simple and Compound Interest Worksheet — Level 2 — Practice Set 4 — 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 4 — Answers

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

1.$8,000.00 is invested at 2% per year, compounded yearly, for 3 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $8,489.66; interest $489.66

  1. A = P(1 + r)n = $8,000.00 × (1 + 0.02)3
  2. = $8,000.00 × 1.061208
  3. ≈ $8,489.66
  4. Interest = $8,489.66 − $8,000.00 = $489.66
2.$6,500.00 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 $7,908.24; interest $1,408.24

  1. A = P(1 + r)n = $6,500.00 × (1 + 0.04)5
  2. = $6,500.00 × 1.216653
  3. ≈ $7,908.24
  4. Interest = $7,908.24 − $6,500.00 = $1,408.24
3.Find the simple interest on $15,000.00 invested at 4% per year for 2 years. What is the total value at the end?

Answer: Interest $1,200.00; total $16,200.00

  1. I = P × r × n = $15,000.00 × 0.04 × 2
  2. = $1,200.00
  3. Total = $15,000.00 + $1,200.00 = $16,200.00
4.Find the simple interest on $13,750.00 invested at 2.5% per year for 2 years. What is the total value at the end?

Answer: Interest $687.50; total $14,437.50

  1. I = P × r × n = $13,750.00 × 0.025 × 2
  2. = $687.50
  3. Total = $13,750.00 + $687.50 = $14,437.50
5.Find the simple interest on $9,250.00 invested at 8% per year for 2 years. What is the total value at the end?

Answer: Interest $1,480.00; total $10,730.00

  1. I = P × r × n = $9,250.00 × 0.08 × 2
  2. = $1,480.00
  3. Total = $9,250.00 + $1,480.00 = $10,730.00
6.$6,750.00 is invested at 8% per year, compounded yearly, for 4 years. Find the final amount and the interest earned, to the nearest cent.

Answer: Amount $9,183.30; interest $2,433.30

  1. A = P(1 + r)n = $6,750.00 × (1 + 0.08)4
  2. = $6,750.00 × 1.360489
  3. ≈ $9,183.30
  4. Interest = $9,183.30 − $6,750.00 = $2,433.30
7.$5,250.00 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 $5,908.92; interest $658.92

  1. A = P(1 + r)n = $5,250.00 × (1 + 0.03)4
  2. = $5,250.00 × 1.125509
  3. ≈ $5,908.92
  4. Interest = $5,908.92 − $5,250.00 = $658.92
8.$1,000.00 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 $1,276.28; interest $276.28

  1. A = P(1 + r)n = $1,000.00 × (1 + 0.05)5
  2. = $1,000.00 × 1.276282
  3. ≈ $1,276.28
  4. Interest = $1,276.28 − $1,000.00 = $276.28
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