Abank says you can do or your money in 10 years if you put 1000 in in a simple interest account. what annual interest rate does the bank pay?

Step-by-step explanation:

The correct question is

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?

we know that

The simple interest formula is equal to

where

A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest  

t is Number of Time Periods

in this problem we have

substitute in the formula above

Solve for r

Divide by 1,000 both sides

Subtract 1 both sides

Divide by 10 both sides

Convert to percentage (multiply by 100)

t = 3

step-by-step explanation:

put t = 3 in this expression :

(3²-1)(3²-2)(3² - 3)(3² - 4) = 8×7×6×5 = 56×30 = 1680

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