Simple Interest Concepts Quiz

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Questions and Answers

What is the rate of simple interest if an amount doubles in 10 years?

  • 15 %
  • 20 %
  • 10 % (correct)
  • 5 %

What is the principal amount represented as in the problem?

  • X
  • R
  • A
  • P (correct)

How long will it take for the amount to quadruple if it doubles in 10 years?

  • 40 years
  • 50 years
  • 20 years
  • 30 years (correct)

In the formula for simple interest, what does the variable R represent?

<p>Rate of interest (A)</p> Signup and view all the answers

What equation is used to express the amount after T years in the problem?

<p>Amount = P(1 + \frac{R \times T}{100}) (B)</p> Signup and view all the answers

Flashcards

Simple Interest Formula

Simple interest is calculated as (Principal x Rate x Time) / 100

Amount after 10 years

The amount becomes double the initial principal in 10 years.

Finding the rate

The rate of interest is determined from the amount after 10 years.

Finding Amount 4 times the principal

Establish the amount needed to become four times the initial principal

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Time to become 4 times

The time required for the principal to become four times.

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Interest rate (R)

The rate of interest, represented by R in the formula

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Calculations of Time needed for 4 times of the principal

Calculate the time (T) needed, given the interest rate.

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Solution

Time taken to become 4 times is 30 years.

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