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erma4kov [3.2K]
3 years ago
8

A bank says you can double your money in 10 years if you put $1000 in a simple interest account. what annual intrest rate does t

he bank pay?
Mathematics
1 answer:
aleksley [76]3 years ago
3 0
2000=1000(1+10r)
Solve for r
R=(2000/1000)-1)/10
R=0.10*100=10%
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