Translate the Given Formula to an English Phrase Using the Word

question 450

Essay

Translate the given formula to an English phrase using the word ʺvariesʺ.
- $I = P R T$ , where $I$ is the simple interest on a principal of $P$ dollars invested for $T$ years at an interest rate of $R$ per year

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Definitions:

Import Substitution

A development strategy that emphasizes domestic manufacturing of products that were imported.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount they actually pay.

National Security

National security involves the safety and defense of a nation, including its citizens, economy, and institutions, protected against threats ranging from terrorism to foreign invasions.

Infant Industries

Newly established industries often with limited capabilities compared to established competitors, and potentially protected by a government until they become competitive.