Register
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?
63.0k views
5 votes
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
by
7.9k points

1 Answer

4 votes
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
by
7.4k points
← Prev Question Next Question →

No related questions found

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
A dealer sells a certain type of chair and a table for $40. He also sells the same sort of table and a desk for $83 or a chair and a desk for $77. Find the price of a chair, table, and of a desk.
Link Copied!