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</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})</p> Signup and view all the answers

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