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Practice Test on Compound Interest
Tick (✔) the correct answer in each of the following:1. The compound interest on $ 50000 at 8 % per annum for 2 years, compounded annually, is ………….(a) $ 8000(b) $ 8250 (c) $ 8350 (d) $ 8640 2. At what rate per cent per annum will a sum of $ 7500 amount to Rs 8427 in 2 years, compounded annually?(a) 4 %(b) 5 % (c) 6 % (d) 8 % 3. Ben deposits $ 30000 in a bank at 7% per annum compound interest for a certain time is $ 4347. The time is …………….(a) 2 years(b) 2^{1}/_{2} years (c) 3 years (d) 4 years 4. The principal that amounts to $ 4913 in 3 years at 6^{1}/_{4} % per annum compound interest, compounded annually, is ……………….(a) $ 3096(b) $ 4076 (c) $ 4085 (d) $ 4096 5. If the simple interest on a sum of money at 5% per annum for 3 years is $ 1200, then the compound interest on the same sum for the same period at the same rate will be ……………..(a) $ 1225(b) $ 1236 (c) $ 1248 (d) $ 1261 6. A certain sum of money gives $ 510 as compound interest 12^{1}/_{2} % per annum for 2 years. Find the simple interest on the same sum of money at the same rate for the same period of time.(a) $ 400(b) $ 450 (c) $ 460 (d) $ 480 7. On a sum of $ 15000 for 2 years, if the difference between compound interest and simple interest is $ 96. Find the rate of interest per cent per annum.(a) 6(b) 8 (c) 10 (d) 12 Answers are given below for practice test on compound interest so that students can check the answers after solving.Answers:1. (c)2. (c) 3. (c) 4. (d) 5.(d) 6. (d) 7. (b) Compound Interest Compound Interest  Worksheet
8th Grade Math Practice


