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

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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) About Me  (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!