Question

Help me check my work?
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.
First you need to list the given variables

Answer 1

like so:
A=1600
P=$900
i=0.023
n=unknown
Second you would set up your equation like so:
1600=900(1+0.023)
After simplifying what's in the parenthesis the equation would look like this:
1600=(900+20.7)^n
Next you would convert to a logarithm equation and solve like so:
log (20.7) 1600=n
log 1600/log 20.7=n
n=2.4 years
So it will take the two friends 2.4 years to save up the money for the trip if they invest it in a savings account with a 2.3% interest rate.

Answer 2

1600 = 900*1.023^n
1.o23^n = 1600/900 = 1.7778
n log 1.023 = log 1.7778
n = log 1.7778 / log 1.023

Answer 3

lines 7-9 in your solution are incorrect

Answer 4

Alright thank you!

Answer 5

yw

Answer 6

the 900 is not taken to the power n - Just the 1.023.