An investment pays simple interest, and quadruples in 10 years. What is the interest rate?
August 8th, 2010
An investment pays simple interest, and quadruples in 10 years. What is the interest rate? Thanks.
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10*rate + 1 = 4
10*rate=3
rate=30% per year
not sure of that answer but if you divide the number 72 by your interest rate it will double every 10 years.
7 percent interest, doubles every 10 yrs
8 percent every 9 yr
12 percent every 6 yrs
3 percent every 24 yrs.
Y + 10i = 4Y
10i = 4Y – Y = 3Y
i = 3Y/10
i = .3Y = 30%
30% = (40-10) / (10*10)