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31 October, 07:29

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

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  1. 31 October, 08:47
    0
    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
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