Simple Interest and Percent Error

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What is Simple Interest?

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Simple Interest is the interest calculated on the principal amount only, without compounding. It can be calculated using the formula: I = P * r * t, where I is the interest, P is the principal, r is the rate of interest per year, and t is the time in years.

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What is the formula for calculating Simple Interest?

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The formula for calculating Simple Interest is I = P * r * t.

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If you invest $1,000 at a simple interest rate of 5% for 3 years, how much interest will you earn?

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I = 1000 * 0.05 * 3 = $150.

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What does 'principal' mean in the context of Simple Interest?

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Principal refers to the initial amount of money that is invested or loaned, before any interest is added.

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What is the meaning of 'rate' in Simple Interest?

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The rate is the percentage of the principal that is paid as interest over a specific period, usually expressed as an annual rate.

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How do you convert months into years for calculating Simple Interest?

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To convert months into years, divide the number of months by 12. For example, 4 months = 4/12 years.

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What is Percent Error?

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Percent Error is a measure of how inaccurate a measurement is, compared to the true value. It is calculated using the formula: Percent Error = |(Experimental Value - True Value)| / True Value * 100%.

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How do you calculate Percent Error?

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Percent Error = |(Experimental Value - True Value)| / True Value * 100%.

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If the true value of a measurement is 50 and the experimental value is 45, what is the Percent Error?

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Percent Error = |(45 - 50)| / 50 * 100% = 10%.

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What is the significance of Percent Error in scientific measurements?

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Percent Error helps to quantify the accuracy of a measurement and indicates how close the experimental value is to the true value.