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7 29. MODELING REAL LIFE You want to save money for
a trip to the Cocoa Beach Pier. You deposit $920 in
an account that earns simple interest at an annual rate
of 10%. Travel and entertainment will cost $600, and
lodging will cost $800.
a. How many years will it take for you to save
enough money for the trip? Explain.
b. Another bank advertises an annual interest rate of
15.7%. How much sooner can you go on the trip if
you open an account at this bank instead? Explain
your reasoning.
Sagot :
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