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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 intrest rate does the bank pay?

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

User Nizar Ouerghi
by
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1 Answer

3 votes
2000=1000(1+10r)
Solve for r
R=(2000/1000)-1)/10
R=0.10*100=10%
User Haydeen
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