Joshua has $4,200 to invest for college. If Joshua invests $4,200 for 3 years and earns $630, what is the simple interest rate? Joshua’s goal is to have $5,000 after 4 years. Is this possible if he invests with a rate of return of 6%? Explain.

The simple interest rate is 5%.

This is possible with a rate of 6%, since in this case, his amount earned will be $5,208.

Step-by-step explanation:

This is a simple interest problem.

The simple interest formula is given by:

In which E is the amount of interest earned, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.

After t years, the total amount of money is:

Joshua has $4,200 to invest for college. If Joshua invests $4,200 for 3 years and earns $630, what is the simple interest rate?

We have that . We have to find I.

The simple interest rate is 5%.

Joshua’s goal is to have $5,000 after 4 years. Is this possible if he invests with a rate of  return of 6%?

We have to find T when

So

This is possible with a rate of 6%, since in this case, his amount earned will be $5,208.

its 60

4 x 12 = 48

3 x 4 = 12

48 + 12 = 60

yeeeet

1.30

step-by-step explanation: