PedroMartinez10 PedroMartinez10

07-02-2016
Mathematics

Answered

A bank says you can double your money in 8 years if you put $2,000 In a simple interest account. what annual interest rate does the bank pay?

Verified Answer :

bellbell252 bellbell252

03-04-2016

A = Prt
A = overall value
P = principal (initial value)
r = annual interest
t = time (in years)

Plug in what we have:
4000 = 2000r8
Simplify:
0.25 = r
The annual interest is 25%

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Tgirl23 Tgirl23

09-08-2020

Answer:

the correct answer is 12.5 percent

Step-by-step explanation:

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