A community for students.
Here's the question you clicked on:
 0 viewing
anonymous
 4 years ago
Keisha's parents want to save twenty thousand dollars in her college savings account over the next twenty years. They have eight thousand dollars to use as an initial deposit. What simple annual interest rate do they need to meet their goal? Round your answer to the nearest tenth.
Answer
seven point five percent
three point three percent
two percent
nine percent
anonymous
 4 years ago
Keisha's parents want to save twenty thousand dollars in her college savings account over the next twenty years. They have eight thousand dollars to use as an initial deposit. What simple annual interest rate do they need to meet their goal? Round your answer to the nearest tenth. Answer seven point five percent three point three percent two percent nine percent

This Question is Closed

ash2326
 4 years ago
Best ResponseYou've already chosen the best response.3We want Principle+Interest>=$20000 Principle=$8000 Let Rate be R % Time =20 years so \[8000+(8000*R*20)/100\ge20000\] or \[8000+1600R\ge20000\] or \[1600R\ge12000\] or \[R\ge7.5\] so R=7.5 % option A
Ask your own question
Sign UpFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.