In December 2012, Eric hires a band to play at a huge graduation party he is planning to hold in May, 2014. The deal is never pu
1 answer:
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Answer: 10%
Explanation:
The formula to calculate the simple interest (I) is given by :-
Final amount :
Given : The simple interest earned on a certain amount is double the amount when invested for 10 years.
i.e A = 2P
Put this in equation (2), we get
Put the value of I in (1), we get
Since t=10 years {given} , then
In percent ,
Hence, the interest rate is being offered = 10%