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OpenStudy (anonymous):
A bank says you can double your money in 10 years if you put $1,000 in a simple interest account. What annual interest rate does the bank pay?
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OpenStudy (tkhunny):
I = Prt -- Every time! It's what Simple Interest is all about. Double your money? The I = P = $1,000 We are given t = 10 Substitute all and solve for r. You'll be done in no time.
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