MATH SOLVE

7 months ago

Q:
# I can't seem to figure this out, thank you guys! If you can show your work so I can learn that would be great (all three questions go together).1. You and your best friend want to take a vacation to Peru. You have done some research and discovered that it will cost $2400 for the plane tickets, all-inclusive hotel and resort, and souvenirs. You have already saved $1750. If you invest this money in a savings account with a 2.3% interest rate compounded annually, how long will it take to earn enough money to go on the trip? Use the compound interest formula A = P (1 + i)n, where A is the accumulated amount, P is the principal, i is the interest rate per year, and n is the number of years. Round your final answer to the nearest tenth2. 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)

Accepted Solution

A:

Heres the answer to number 1 but I can't figure out the rest: A = P(1 + i)^n
A = 2400 , P = 1750 , i = 2.3% , n = ?
2400 = 1750(1 + 2.3)^n
2400 = 1750(3.3^n)
1750(3.3^n) = 2400
1750(3.3^n) / 1750 = 2400 / 1750
3.3^n = 48/35
log(3.3^n) = log(48/35)
n(log(3.3)) = log(48/35)
n = log(48/35) / log(3.3)
n = 0.3if you happen to find the other answers help me