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Mathematics 20 Online
OpenStudy (anonymous):

Please help! Joanne is investing $13 600 in an account that pays 8.2% per annum, compounded monthly. A friend has agreed to sell her a second-hand pick up truck for her landscaping business for $15 900. She will need to pay the government GST (15%) on the price of the truck. a) How long will it take, to the nearest month, to have enough in the account to buy the truck? b) How many months sooner, to the nearest month, could she buy the truck if the interest rate went up to 9.3% per annum, compounded monthly?

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