Register
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?
9.9k views
5 votes
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
7.9k points

1 Answer

3 votes
2000=1000(1+10r)
Solve for r
R=(2000/1000)-1)/10
R=0.10*100=10%
User Haydeen
by
8.2k points
← Prev Question Next Question →

Related questions

User JSuar
asked Feb 12, 2018 17.0k views
what is the intrest on $1000 invested for 3 years in an account that earns simple intrest at an annual rate of 2%
JSuar asked Feb 12, 2018
by JSuar
7.9k points
1 answer
0 votes
17.0k views
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Other Questions

How do you can you solve this problem 37 + y = 87; y =
How do you estimate of 4 5/8 X 1/3
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
i have a field 60m long and 110 wide going to be paved i ordered 660000000cm cubed of cement  how thick must the cement be to cover field
Write words to match the expression. 24- ( 6+3)
Link Copied!