maker101 maker101

23-05-2016
Mathematics

Answered

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

Verified Answer :

apologiabiology apologiabiology

23-05-2016

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

Answer Link

Related Questions

Prolonged exposure to stress can affect the body in what ways

which of the following is a monomial a x b 2x2 c yx d log x

is 0111 a repeating decimal terminating decimal or neither

Excretion rates of drugs vary greatly depending upon a The type of drug and length of time since it was ingested b The type of drug involved and medical conditi

what does social structure mean

A transform boundary occurs where plates slide against each other a True b False

which verbal statement is true

Which term best describes the important pieces of information that scientists gather and record during an experiment

is 300 equivalent to 300 hundreds

How did the Chinese Communist revolution differ from the Russian Revolutions A China lacked a proletariat B Russia only has a peasant class C China did not have