Whether Brooke will have enough money for a trip to the Bahamas after 4 years.
Answer to Problem 23PPS
No.
Explanation of Solution
Given information:Brooke is saving money for a trip to the Bahamas that costs $295.99. She puts $150 into a savings account that pays 7.25% interest compounded quarterly.
Formula used:
Compound interest formula for compounded quarterly is given by,
where,
Calculation:
Here,
Then, the amount after 4 years is given by,
Rounding to nearest hundredths,
After 4 years Brooke will get $199.94.
Thus, Brooke will not have enough money for a trip to Bahamas.
Chapter 7 Solutions
Algebra 1, Homework Practice Workbook (MERRILL ALGEBRA 1)
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