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expeople1 [14]
3 years ago
12

Rita promises her daughter on her 12th birthday that she will give her $12,000 for college on her 18th birthday. How much does R

ita need to put in the bank now if the interest rate on her account is 12% per year?
Mathematics
2 answers:
almond37 [142]3 years ago
6 0

Answer:

She should invest 6976.74 $ principal on daughter's 12th birthday.

Explanation:

  We have  I = prt, where I represents simple interest, p represents principal, r represents interest rate, and t represents time in years.

Here p + I = 12,000 $

   So, I = 12000-p

 Interest rate r = 12% =0.12

 Number of years = 18 - 12 = 6 years.

Substituting

   12000-p = p x 0.12 x 6

  p + 0.72 p = 12000

  1.72 p = 12000

   p = 6976.74 $

So, she should invest 6976.74 $ principal on daughter's 12th birthday.

Nady [450]3 years ago
6 0

Answer:

$6,079.58 is the answer


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