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

P dollars equals to an interest rate r for T years= T=P+Prt. An investment of $10,000 grew to at least $12,000 in two years, what is the minimum interest rate at which can be invested ?

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 11:27pm
You 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

## Answer this Question

## Related Questions

- Algebra - Greta invests $10,000 in an investment that pays 3% interest, ...
- math - Amount of an investment. The amount of an investment of P dollars for t ...
- math,algebra - Is this correct Business and finance. The simples interest I on a...
- Math - Using the formula. I =Prt ,calculate the simple interest where t=1/n and ...
- Math - The nominal rate of interest is 8% and the rate of inflation is 5%. A ...
- Compounded Interest - ) An investment of $37,000 was deposited in the bank. ...
- pre-algebra - Shannon put $ 7,000 in a 5 year CD that paid 8% interest per year...
- Math - The amount of an investment of P dollars for t years at simple interest ...
- Algebra - Jason and Mary have a new baby. They want to invest $20,000 at the ...
- algebra - A total of $12,000 is invested in two funds paying 9% and 11% simple ...

More Related Questions