GoldenSun GoldenSun

11-03-2017
Mathematics

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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 interest rate does the bank pay?

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Aliwohaish12 Aliwohaish12

11-03-2017

2p=p(1+10r)
2=1+10r
1=10r
R=1/10=0.1*100=10%

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