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
Algebra.Com
Question 50083This question is from textbook Algebra 2 with Trigonometry
: 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?
This question is from textbook Algebra 2 with Trigonometry
Answer by lkwtcnj(8) (Show Source): You can put this solution on YOUR website!
This is just a matter of plugging in the numbers:
T = P + Prt
You know T = 12000, P = 10000, and t = 2, so then:
12000 = 10000 + (10000)(r)(2)
2000 = 20000r
2000/20000 = r
Then r = 1/10 = 0.1 = 10%
Good luck!
RELATED QUESTIONS
An investment of P dollars made at the simple interest rate r for t years will grow to a... (answered by stanbon)
An investment of P dollars made at the simple interest rate r for t years will grow to a... (answered by tutorcecilia)
The amount of an investment of P dollars for t years at simple interest rate r is given... (answered by jim_thompson5910)
The amount of an investment of P dollars for t years at simple interest rate r is given... (answered by nerdybill)
96.) Amount of an investment. The amount of an investment of P dollars for T years at... (answered by elima)
96.) Amount of an investment. The amount of an investment of P dollars for T years at... (answered by elima)
Amount of an investment. The amount of an investment of P dollars for t years at simple... (answered by Monarch)
Amount of an investment. The amount of an investment of P dollars for t years at simple... (answered by ankor@dixie-net.com)
Amount of an investment. The amount of an investment
of P dollars for t years at simple... (answered by stanbon)