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A bank says you can double your money in 10 years if you put $1,000 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 $1,000 in a simple interest account. What annual interest rate does the bank pay?

User Itchy Nekotorych
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1 Answer

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If your money doubles in 10 years, then the interest it earned
in 10 years is 100% of the amount you invested.

If the interest is simple interest, then they paid

(100%/10 years) = 10% per year .
User Geekosaur
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