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Answer:
The simple interest rate is 5%.
This is possible with a rate of 6%, since in this case, his amount earned will be $5,208.
Step-by-step explanation:
This is a simple interest problem.
The simple interest formula is given by:
In which E is the amount of interest earned, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.
After t years, the total amount of money is:
Joshua has $4,200 to invest for college. If Joshua invests $4,200 for 3 years and earns $630, what is the simple interest rate?
We have that . We have to find I.
The simple interest rate is 5%.
Joshua’s goal is to have $5,000 after 4 years. Is this possible if he invests with a rate of return of 6%?
We have to find T when
So
This is possible with a rate of 6%, since in this case, his amount earned will be $5,208.