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Maggie has $14,100 to invest, and wishes to gain $4,000 in interest over the next eight years. Approximately what is the minimum simple interest rate Maggie needs to reach her goal?

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meerkat18

Given:
Principal: 14,100
Interest:4,000
term: 8 years
rate: ?

We'll use the simple interest rate formula to get the interest rate needed.

Simple Interest = Principal Interest Rate Term
4,000 = 14,100 Interest rate 8 years
4,000 = 112,800 Interest rate
4,000 / 112,800 = Interest rate
0.03546 = Interest rate

0.03546 100% = 3.546% or 3.55% is the interest rate needed.

S.I = 14,100 0.0355 8
S.I = 500.55 * 8
S.I = 4,004.40

Answer:40001

Step-by-step explanation:

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