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A bank says you can double your money in 10 years if you put $1000 in a simple interest account. What annual interest rate does the bank pay?
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A bank says you can double your money in 10 years if you put $1000 in a simple interest account. What annual interest rate does the bank pay?

User Themirror
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1 Answer

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2p=p(1+10r)
2=1+10r
1=10r
R=1/10=0.1*100=10%
User Shwetha
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