Question

Ok, it can't be from an exam but, it can be from one of my lessons right??

Answer 1

sure

Answer 2

please use the same question box to maintain a running dialogue in as opposed to posting new stuff. The chatbox is best utilized for "conversational" stuff.

Answer 3

I have a question but, it's from my old test to study for another test that I have coming up is this ok??

Answer 4

you can ask anything.. go ahead :)

Answer 5

Keisha's parents want to save in her college savings account over the next years. They have 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. Thank's for your Help!!!! :D

Answer 6

Sorry they want to save $20,000 They have $8,000 and an initial deposit

Answer 7

you are also missing the number of years that they have to accumulate this amount

Answer 8

simple interest takes the form:

I = Prt , to determine the amount of interest earned in "t" years

we see that they want 20000
from 8000
------------
12000 is the amount of money in interest that
they want to acquire

12000 = 8000 * rate * #years

Answer 9

How can I multiply the rate if I don't know what it is?

Answer 10

the rate is what you need to find, algebra helps move things about

Answer 11

12000 = 8000 * rate * #years ; divide by 8000

12/8 = rate * #years ; divide # years

12/(8*#yrs) = rate ; divide # years

Answer 12

that last line, forgot to edit :)

Answer 13

12000 = 8000 * rate * #years ; divide by 8000

12/8 = rate * #years ; divide # years

12/(8*#yrs) = rate

Answer 14

I think I got it I am just checking is it 1.5??

Answer 15

i have no idea what the number of years for the stated problem is .... its missing from your post

Answer 16

the number of years is 20

Answer 17

20 years eh ....

then the rate is:

12/(8*20)

3/(4*20)

3/80; this gives a decimal that would need to be multiplied by 100 for a % value

Answer 18

@fluteprincess352
Is this the question you want to find ?

Answer 19

you need 12000 in interest so we start with amistre's equation
12000 = 8000 * rate * #years

with #years= 20, you have
12000 = 8000*rate*20
you can divide both sides by 8000
\[ \frac{12000}{8000} = \frac{8000}{8000} \cdot rate \cdot 20\]
simplify the left side to 12/8 and then 3/2 = 1.5
\[ 1.5 = rate \cdot 20 \]
divide both sides by 20
\[ \frac{1.5}{20} = rate \cdot \frac{20}{20} \]
change to a decimal
\[ 0.075 = rate \]
multiply by 100 to change to percent:
rate= 7.5%