Olivia S.

asked • 04/16/18# Trip to Peru Algebra 2 question HELP!

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)

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## 1 Expert Answer

2. 2400 = P(1.023)

^{2} P = 2400/1.023

^{2} P = 2293.30

Number 3 is on you.

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Olivia S.

04/16/18