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15 January, 20:21

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?

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  1. 15 January, 21:08
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    2000=1000 (1+10r)

    Solve for r

    R = (2000/1000) - 1) / 10

    R=0.10*100=10%
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