Question

hayley wants to attend bellhaven collage after high school. she knows that the yearly cost is around $17000 per year. her parents started a college account for her when she was born with an inital amount 2000 and a 6% simple interest rate. it has been open for 18 years. hayley will also be given an academic achievement scholarship for $1000 for her first year of college. how much more will hayley need in order to pay for her first year of college if she uses all of the money she has available? Please show work too. You get 13 points if you answer and show your work.

Answer 1

i think the answer is 13,840

to start off use the formula IPRT which stands for interest, principal, rate, and time. so then you do 2,000 times 6% (or 0.06) then times that by 18 which is 2,160 so she earned 2,160 in her college account, next you add the 1,000 and that would make it 3,160. next you subtract 3,160 from 17000 to see how much she still has to pay which i think is 13,840

if this is wrong lmk and i can try to fix it