A downtown bank is advertising that if you deposit $1,000 with them, and leave it there for 65 months, you can get $2,000 back at the end of the period. Assuming monthly compounding, what is the interest rate paid by the bank

Rate of interest = 1.07% (Approx)

Explanation:

Given:

Future deposit value (FV) = $2,000

Present deposit value (PV) = $1,000

Total number of period (n) = 65 month

Rate of interest (r) = ?

Computation of Rate of interest :

r = 1.072086%

Rate of interest = 1.07% (Approx)

you will have $2593.74 in 10 years if you set aside $1,000 at 10%

you will have $9321.91 in 20 years if you set aside $2000 at 8%

you will have $1469.32 in 5 years if you set aside $1000 at 8%

you will have $1296.87 in 10 years if you set aside $500 at 10%

you will have $239.66 in 15 years if you set aside $100 at 6%

you will have $4660.96 in 20 years if you set aside $1000 at 8%

the answer is true.  i do believe this is the answer because of the amount of wrecks people get into each year.  if you double this with avoiding those so said wrecks, that would make you a "skilled" driver.