Math Time

You and your best friend want to backpack through Europe. You have done some research and discovered that it will cost $1600 for the plane ticket, rail pass, food, and lodging. You have already saved $900. 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.

Question

Math Time

You and your best friend want to backpack through Europe. You have done some research and discovered that it will cost $1600 for the plane ticket, rail pass, food, and lodging.  You have already saved $900.  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.

anonymous · Answer

I just need instruction on the individual steps.