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iragen [17]
4 years ago
10

Advance says you can double your money in 10 years if you put $1,000 and a simple interest account What annual interest rate doe

s the Bank pay
Mathematics
1 answer:
lesya692 [45]4 years ago
7 0
Ok
I=PRT
P=present amount
I=interst
T=time in years
R=rate in percent


when you double your money, interest=present amount
I=1000=P
T=10 years
so
1000=1000(10)(R)
1000=10000R
divide both sides by 10000
0.10=R
10% is answer
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