Question

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.

Answer 1

\[SI =\frac{ P \times R \times T }{ 100 }\]

Answer 2

SI=Simple Interest
P=Principal (Initial deposit)
R=Rate
T=Time

Answer 3

can you continue from there???

Answer 4

Um, let me try.

Answer 5

What is the rate?

Answer 6

\[20,000 = 1200R\]

Answer 7

Is that correct?

Answer 8

16.6%

Answer 9

That isn't right.

Answer 10

Err, I don't know. Can you help me, are you still there?