anonymous
  • anonymous
Please help? Thanks and show how to so I know for later on. Thank you! :D Keisha's parents want to save $20,000 in her college savings account over the next 15 years. They have $8,000 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. A.) 12% B.) 10% C.) 2.7% D.) 2.5%
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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chestercat
  • chestercat
I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!
anonymous
  • anonymous
"Simple interest is calculated on the original principal only" interest rate = x , after 1 year they gain 8000x , and they do this for 15 years so: 15(8000x) = 20000 120000x = 20000 x = 20000/120000 = 2/12 =1/6 which is 16.7% .. unless i have made an error somewhere or misinterpreted your question..
anonymous
  • anonymous
Thank you so much!
anonymous
  • anonymous
Do I still need to round? 16.7 isn't a choice?

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anonymous
  • anonymous
that is why im confused, ill ask on chat for someone to check my working
anonymous
  • anonymous
Okay thank you for all your help :D
cwrw238
  • cwrw238
i've checked out eigens working - looks fine to me

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