document.write( "Question 1023058: 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? \n" ); document.write( "

Algebra.Com's Answer #638603 by josmiceli(19441) $\"\"$ $\"About$

You can put this solution on YOUR website!
Let $\"+A+\"$ = amount in bank account
\n" ); document.write( "after 1 yr
\n" ); document.write( "Let $\"+r+\"$ = interest rate needed
\n" ); document.write( " $\"+A+=+2000+%2B+r%2A2000+\"$
\n" ); document.write( "-----------------------
\n" ); document.write( "The bank says $\"+A+=+4000+\"$ ( double $\"+2000+\"$ )
\n" ); document.write( " $\"+4000+=+2000+%2B+r%2A2000+\"$
\n" ); document.write( " $\"+r%2A2000+=+2000+\"$
\n" ); document.write( " $\"+r+=+1+\"$
\n" ); document.write( "This is 100% interest rate \n" ); document.write( "

\n" );