document.write( "Question 22616: I hope this is in the right spot. I need help with this question for my daughters homework. The question is-Gina wants to save money, so she can buy a new bike that costs $200. How much should she deposit into a savings account at 10% annual simple interest in order to have enough money to buy the bike after two years?
\n" ); document.write( "(use the formula A = p + prt) \n" ); document.write( "
Algebra.Com's Answer #11031 by AnlytcPhil(1807)\"\" \"About 
You can put this solution on YOUR website!
I hope this is in the right spot. I need help with this question for my\r\n" );
document.write( "daughters homework. The question is-Gina wants to save money, so she can buy a\r\n" );
document.write( "new bike that costs $200. How much should she deposit into a savings account at\r\n" );
document.write( "10% annual simple interest in order to have enough money to buy the bike after\r\n" );
document.write( "two years? \r\n" );
document.write( "(use the formula A = p + prt)\r\n" );
document.write( "\r\n" );
document.write( "Substitute 200 for A, .10 for r, and 2 for t\r\n" );
document.write( "\r\n" );
document.write( "200 = p + p(.10)(2)\r\n" );
document.write( "\r\n" );
document.write( "200 = p + .2p\r\n" );
document.write( "\r\n" );
document.write( "200 = 1.0p + .2p\r\n" );
document.write( "\r\n" );
document.write( "200 = 1.2p\r\n" );
document.write( "\r\n" );
document.write( "200/1.2 = 1.2p/1.2\r\n" );
document.write( "\r\n" );
document.write( "166.66··· = p\r\n" );
document.write( "\r\n" );
document.write( "or $166.67, rounding up to the nearest penny.\r\n" );
document.write( "\r\n" );
document.write( "Let's check it to see if that is correct. Checking it:\r\n" );
document.write( "\r\n" );
document.write( "In one year the $166.67 will draw $16.66 interest (investing institutions\r\n" );
document.write( "always round interest down to the preceding penny), so you'll then have\r\n" );
document.write( "$166.67 + $16.66 or $183.33\r\n" );
document.write( "\r\n" );
document.write( "In the second year the $166.67 will draw another $16.66, so you'll then\r\n" );
document.write( "have $166.67 + $16.66 + $16.66 or $199.99.\r\n" );
document.write( "\r\n" );
document.write( "That lacks one penny being enough, so let's add a penny and see if $166.68 will\r\n" );
document.write( "be enough.\r\n" );
document.write( "\r\n" );
document.write( "In one year the $166.68 will draw $16.66 interest (again rounding down to the\r\n" );
document.write( "preceding penny), so you'll then have \r\n" );
document.write( "$166.68 + $16.66 or $183.33\r\n" );
document.write( "\r\n" );
document.write( "In the second year the $166.68 will draw another $16.66, so you'll then\r\n" );
document.write( "have $166.68 + $16.66 + $16.66 or $200.00.\r\n" );
document.write( "\r\n" );
document.write( "So the correct answer is $166.68\r\n" );
document.write( "\r\n" );
document.write( "Edwin\r\n" );
document.write( "AnlytcPhil@aol.com
\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( " \n" ); document.write( "
\n" );