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A bank says you can double your money in 8 years if you put $2,000 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 8 years if you put $2,000 In a simple interest account. what annual interest rate does the bank pay?

User JeffBaumgardt
by
8.9k points

2 Answers

6 votes

Answer:

the correct answer is 12.5 percent

Explanation:

User Bee San
by
8.3k points
2 votes
A = P*r*t
A = overall value
P = principal (initial value)
r = annual interest
t = time (in years)

Plug in what we have:
4000 = 2000*r*8
Simplify:
0.25 = r
The annual interest is 25%
User Hkidd
by
8.1k points
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