A bank says you can double your money in 10 years if you put $1,000 in a simple interest account. What annual interest rate does the bank pay?

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asked Sep 5, 2017 63.0k views

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Geekosaur · Answer 1 · 2017-09-10T18:22:15+0000

If your money doubles in 10 years, then the interest it earned
in 10 years is 100% of the amount you invested.

If the interest is simple interest, then they paid

(100%/10 years) = 10% per year .

A bank says you can double your money in 10 years if you put $1,000 in a simple interest account. What annual interest rate does the bank pay?

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