SOLUTION: An investment of P dollars made at the simple interest rate r for t years will grow to a total T=P+Prt. For an investment of $10,000 to grow at least $12,000 in two years, what is

Question 50071: An investment of P dollars made at the simple interest rate r for t years will grow to a total T=P+Prt. For an investment of $10,000 to grow at least $12,000 in two years, what is the minnimum interest rate at which it can be invested?

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Answer by tutorcecilia(2152) (Show Source): You can put this solution on YOUR website!
T=P+Prt [Original formula]
12,000=10,000+10,000(r)(2) [Plug-in the values]
12,000-10,000=10,000-10,000 +10,000(r)(2) {Solve for (r)]
2,000=10,000(r)(2)
2,000=20,000(r)
2,000/20,000=20,000(r)/20,000
0.10=r=10% = the minimum interest rate
.
check by plugging all of the values back into the original equation.
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