Question

medal n fan

Answer 1

Keisha's parents want to save twenty-one thousand dollars in her college savings account over the next fifteen years. They have twelve 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 nine percent

three point eight percent

five percent

six percent

Answer 2

first steps:

total savings = deposit x interest x duration of the deposit

therefore to find the interest
total savings/(depositxduration) = interest