Todd and Jim quickly learned that running a sailing business required a lot more than just taking folks for boat rides in exchan
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Answer
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Explanation
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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%