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. 289% b. 35596 c. 4.95% d. 5.18%

The answer is D. 5.18% each year delivers $4050.34 in return

Year 1: Investment*rate = return

Year 2: (Return + previous year investment) * Rate = return in year 2

and so on for 5 years.

3.55% per year

Step-by-step explanation:

Interest at a simple rate is

I = P*r*t, where P is the principal, the money to be investes; r is the rate and t is the time of the investment.

Maggie's case, we have:

P = 14100

I = 4000

r = ?

t = 8

(as we are using t in years, the rate will be in years)

I = P*r*t

4000 = 14100.r.8

4000 = 112800.r

r = 4000/112800

r = 0.0354 = 3.55%

the largest number of the four options is 1.8 x 10-2

you have it in scientific notation.

1.80 x 10-6   = 0.00000180

1.80 x 10-4   = 0.000180 (bigger, or "less small", than the former one)

so

1.8 x 10-2       = 0.0180. as you see. the "less small", or the biggest one of them all.

as you have negative exponent, it means you are dividing 1.8 by 100 (i.e. moving the dot towards left, two times).

if you had positive exponent for the scientific notation, power of tenths, you would be multiplying times 100 (moving the dot towards right) as below:

1.8 x (10)2 = 180

so. if you have negative exponent in scientific notation, move the dot toward left. if it is positive, toward right as many times the exponent tells you.

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step-by-step explanation: