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  • 16-01-2017
  • Mathematics
Answered

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? A) 1% B) 1.25% C) 10% D) 12.5%

Verified Answer :

kdc624 kdc624
  • 16-01-2017

10%
R=(1/10)((2000/1000)-1)=0.1
r=0.1
0.1=10%

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