What annual simple interest rate will allow Hosea Soli to increase his initial investment of $80,000 to $100,000 in five years? (Hint: Use the formula I = prt and substitute known values to find I.)

Question

mathstudent55 · Answer

Why don't you try the hint?
Since you want the money to increase from $80,000 to $100,000, how much of an increase is that?

anonymous · Answer

That's 20,000 I know thiis, but idk how to solve the problem at all. And I do homeschool so I technically can't ask anyone for help, can you walk me through it?

mathstudent55 · Answer

Good.
The increase was $20,000. That means the interest, I, is 20,000
You know the time, t, is 5 years. Also, the principal, p, is $80,000.
Use those values in the formula and solve for r.