Question

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

Answer 1

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