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January 28, 2015

January 28, 2015

Posted by **Anonymous** on Saturday, October 1, 2011 at 12:46pm.

I'm not sure how to set this problem. I thought at first I would substitute the years and the dollars into the equation in place of T as 2 and the Dollars P as 10,000, but i do not know if that's how i am supposed to start it

- Algebra 2 -
**Steve**, Sunday, October 2, 2011 at 11:27pmYou had the formula right, but in this case, you want an inequality, rather than an equation:

10000 + 10000 * r * 2 >= 12000

10000 * r * 2 >= 2000

r >= 0.1

so, you'd need at least 10% interest for the principal to grow from 10K to 12K in two years

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