ENTREPRENEURIAL PLANNING
BUSINESS PLAN DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What Sum of Money Can you Invest for 300 Days at 5.5% to Earn $93.80?Principal = Interest / (rate*time)P = Interest*(365) / (rate*300)
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$2075.00
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$3000.00
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$2250.00
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$2725.00
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Explanation:
Detailed explanation-1: -The calculation is straightforward: Interest = Principal x Rate x Time. Where Principal is the initial amount invested. Rate is the interest rate charged and time is the duration of the investment.
Detailed explanation-2: -The principal amount is Rs 10, 000, the rate of interest is 10% and the number of years is six. You can calculate the simple interest as: A = 10, 000 (1+0.1*6) = Rs 16, 000. Interest = A – P = 16000 – 10000 = Rs 6, 000.
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