Question

Keisha's parents want to save $20,000 in her college savings account over the 15 next 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.

2.5%
2.7%
10%
12%

Answer 1

2.5 %

Answer 2

Well, it is wrong which i thought b4

Answer 3

do not we need 2.5% to get $ 20,000?

Answer 4

So how it came wrong to me ?

Answer 5

I just analyzed, if we want $ 20,000 from $ 8,000, then we can write the following equation:
\[\frac{ 8000 }{ 100} \times A = 20.000\]
A = required percentage.

sorry, I lack the english language skills.

Answer 6

@Husnul _ Anini, sorry i wrote wrong

Answer 7

Can you able to check it now ?

Answer 8

@Husnul _Aini, sorry i wrote wrong

Answer 9

Now i fixed it, u can see this probs now

Answer 10

2.5% only gets $11, 586.39 in 15 years.

Answer 11

forget how to write equation but you need to add the interest gained every year before recalculating

Answer 12

Still not getting correct one :(

Answer 13

if that's the question, then the solution is so different.
First, 20,000 divide by 15.

Answer 14

http://upload.wikimedia.org/math/3/c/6/3c61f664e4b9ae0ea85f89dff6b52548.png
Where,
A = final amount
P = principal amount (initial investment)
r = annual nominal interest rate (as a decimal, not in percentage)
n = number of times the interest is compounded per year
t = number of years

Answer 15

12 %