Gina mixed paint to make her favorite shade of purple. She filled up one third of the container with red paint. Then she filled
2 answers:
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Answer:
She needs to invest $13,636.36 right now
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:
In this question:
In 15 years, so
She wants to have $30,000, so
8% interest, so
We have to find P.
Replacing:
She needs to invest $13,636.36 right now