Question 50096This 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?
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This question is from textbook Algebra 2 with Trigonometry
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! 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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T=P+Prt
12000= 10000+10000(r)(2)
2000=20000r
r=0.10= 10%
Cheers,
Stan H.
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