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If the simple interest on a sum of money is $200 for 2 years at a rate of 5% per
Practice Questions
Q1
If the simple interest on a sum of money is $200 for 2 years at a rate of 5% per annum, what is the principal amount?
$2000
$2500
$3000
$1500
Questions & Step-by-Step Solutions
If the simple interest on a sum of money is $200 for 2 years at a rate of 5% per annum, what is the principal amount?
Steps
Concepts
Simple Interest Calculation
– Understanding the formula for calculating simple interest and rearranging it to find the principal amount.
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