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

@mark_o. can you able to help me with this?

Answer 2

@sam can you able to help with it?

Answer 3

\[20000=8000(1+x)^{15}\]

Answer 4

Can you solve for x?

Answer 5

I could not get this :(

Answer 6

2.5 still getting wrong answer

Answer 7

\[5/2 = (1+x)^{15}\]
\[log(5/2)=15log(1+x)\]
\[\frac{log(5/2)}{15}=log(1+x)\]
\[10^{\frac{log(5/2)}{15}}=1+x\]
\[1.062999 =1+x\]
x=0.0629 or 6.29% nearest 10th would be 10%

Answer 8

Thank you so much @freewilly922 !

Answer 9

r=rate
8000+r*15*8000=20,000
r=(20,000-8.000)/(15*8,000)
r= 0.10=10%

Answer 10

Thank you so much @mark_o. ! :)

Answer 11

YW, have fun...:D

Answer 12

Thank you for coming ! :)

Answer 13

ok, yw..:D