Trip to Peru Algebra 2 question HELP!

Question

2. You are planning to go on this trip in 2 years.  How much money will you need to invest at a 2.3% interest rate compounded annually in order to have $2400 in 2 years?  Use the compound interest formula A = P (1 + i)n. (Round final answer to the nearest cent, but otherwise don’t round any intermediate values)

 

3. Now say you only have $1600 to invest and the highest interest rate you can find is 3.55% compounded annually.  If you decide to wait 7 years to go on the trip, how much money will you have to spend on the trip?  Use the compound interest formula A = P (1 + i)n. (Round final answer to the nearest cent, but otherwise don’t round any intermediate values)

Answer 1

2. 2400 = P(1.023)²

    P = 2400/1.023²

    P = 2293.30

 

Number 3 is on you.