Question

Keisha's parents want to save 25,000 in her college savings account over the next 20 years. They have 10,000 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.

Answer 1

answer = 4,689% annual interest rate
\[25000=10000*(1+x)^{20}\]
x=0,04689