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Three of these are wrong. Find the one that holds.

Exercise and reference answers

Questions
  1. Question
    Three of these statements about simple interest are false.
    Choices
    1. Item
      The base is the original principal
      Correct
      Yes
    2. Explanation
      That is compound interest.
      Item
      The base is last year's amount
    3. Explanation
      It is identical every year.
      Item
      Yearly interest grows
    4. Explanation
      The principal is fixed; only the amount grows.
      Item
      The principal grows each year

Explanation

Each trap gives simple interest a compound property. Source: syllabus Maths, Ch 7 Comparing Quantities.
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