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PedroMartinez10 PedroMartinez10
  • 07-02-2016
  • Mathematics
Answered

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?

Verified Answer :

bellbell252
bellbell252 bellbell252
  • 03-04-2016

A = Prt
A = overall value
P = principal (initial value)
r = annual interest
t = time (in years)

Plug in what we have:
4000 = 2000r8
Simplify:
0.25 = r
The annual interest is 25%

Answer Link
Tgirl23 Tgirl23
  • 09-08-2020

Answer:

the correct answer is 12.5 percent

Step-by-step explanation:

Answer Link

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