Question

Holly wants to invest $6,800.00 in a savings account.

Determine the simple interest rate required for Holly's investment to grow to $16,500.00 in 14 years.

Round your answer to the nearest tenth of a percent and don't forget to include a percent sign, %, in
your answer.

The interest rate required to grow the investment to $16,500.00 is______

Answer 1

Below

Explanation:

16500 - 6800 = 9700 interest required to meet this situation in 14 years

6800 * i * 14 = 9700 where i = decimal interest

i = 9700/(6800*14) = .1018 = 10 .2 %