Question

ALGEBRA II WORD PROBLEMS HELPPPP!!!

Part 1:
You and your best friend want to backpack through Europe. You have done some research and discovered that it will cost $2,500 for the plane ticket, rail pass, food, and lodging. You have already saved $1,500. If you invest this money in a savings account with a 3.5% 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.

Answer 1

Part 2:
You are planning to go on the trip to Europe in 2 years. How much money will you need to invest at a 3.5% interest rate compounded annually in order to have $2500 in 2 years? Use the compound interest formula A = P (1 + i)n. (Round answer to the nearest cent)

Answer 2

Part 3:
You only have $1500 to invest and the highest interest rate you can find is 3.5% compounded annually. If you decide to wait 5 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 answer to the nearest cent)

Answer 3

Part 4:
Write a paragraph explaining how you would prepare financially for this trip. Would you invest the $1500 and wait until it grows to $2500? Would you add to the investment of $1500 so it will grow to $2500 by the time you want to take the trip? Would you invest the $1500 and come up with the rest of the money when you want to take the trip? Explain your answer.

Answer 4

pls someone help!!!