Question

Keisha's parents want to save twenty thousand dollars in her college savings account over the next twenty 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 percent
three point three percent
seven point five percent
nine percent

Somebody please help me with this question.

Answer 1

We want Principle+Interest>=$20000
Principle=$8000
Let Rate be R %
Time =20 years
so
8000+(8000∗R∗20)/100≥20000

or
8000+1600R≥20000

or
1600R≥12000

or
R≥7.5

so
R=7.5 %

Answer 2

So the answer would be 7.5 or C :)

Answer 3

Is that good @jhonyy9 ?

Answer 4

Thank you very much. This helped a lot.

Answer 5

You're welcome :)

Answer 6

20 thousand in 20 years => 1 thousand / 1 year

yes @Ineedhelplz i see it right sure

good luck

Answer 7

So I explained it well?

Answer 8

Because earlier you told me to teach and not give answers...

Answer 9

yes and hope so much that LeopardLady understand it sure right easy

Answer 10

Ok thanks for the feedback

Answer 11

Because earlier you told me to teach and not give answers..

yes ineedhelp sure but than you read the rules of openstudy you know how we teach peopels here and never not is right way to give their just the right answer

ok. ?

thank you for your right way to teach peoples

good work -

bye

Answer 12

Can I close this question now?

Answer 13

dear Lady do you agree with above wrote words ? and do you understand the way how you can solve the same exercisese ?

Answer 14

Yes thank you very much!

Answer 15

yes - sure than you have got the right explication and you understand it all - than so you can close it sure

good luck

bye