SOLUTION: 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?
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? Found 2 solutions by josmiceli, MathTherapy:Answer by josmiceli(19441) (Show Source):
You can put this solution on YOUR website! Let = amount in bank account
after 1 yr
Let = interest rate needed
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The bank says ( double )
This is 100% interest rate
You can put this solution on YOUR website!
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?
