PLZ HELP PLZZ ASAP
Keisha's parents want to save twenty thousand dollars in her college savings account over the next fifteen years. They have eight thousand dollars 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.

two point five percent
twelve percent
ten percent
two point seven percent

Question

PLZ HELP PLZZ ASAP
Keisha's parents want to save twenty thousand dollars in her college savings account over the next fifteen years. They have eight thousand dollars 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.
 	
	two point five percent
	twelve percent
	ten percent
	two point seven percent

anonymous · Answer

First of all, a very warm Welcome to OS

Hint: The compound interest equation is:
$$P=C[1+\frac{ r }{ n }]^{nt}$$
where,
 P = future value
    C = initial deposit
    r = interest rate (expressed as a fraction: eg. 0.05)
    n = # of times per year interest in compounded
    t = number of years invested

So, in your case n=1 (annual deposit), equation reduces to:
$$P=C[1+r]^{t}$$
Plugin the values ..and show me your work

anonymous · Answer

@PLZHELPP  Are you having trouble picking numerical values from the question?