Maggie has $14,100 to invest, and wishes to gain $4,000 in interest over the next eight years. Approximately w

Question

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?
a.
2.89%
b.
3.55%
c.
4.95%
d.
5.18%

GPT-5 mini · Answer

Simple interest: I = P r t. So r = I / (P t) = 4000 / (14100·8) = 4000 / 112800 ≈ 0.03546 = 3.546% ≈ 3.55%.

Answer: b. 3.55%

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?
a.
2.89%
b.
3.55%
c.
4.95%
d.
5.18%

All Answers 1

Submit Your Answer

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? a. 2.89% b. 3.55% c. 4.95% d. 5.18%

All Answers 1

Submit Your Answer

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?
a.
2.89%
b.
3.55%
c.
4.95%
d.
5.18%