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Also, I have to use the formula:

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.

Q: If your travel costs 2000 and you have 1500 and you invest this money at 3 percent interest rate compounded annually how long will it take to earn enough money for the trip?

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6275 will be worth 10001.40 while 6274 will not be enough.

The simple answer is approximately 13.7 years using the rule of 72. Interest paid quarterly will affect the answer a little, but not enough to matter.

There is not enough information in the question ! It depends entirely on what the interest rate is - and the length of time the interest is applied !

Not enough information. The interest earned depends on the capital (which is the only datum provided), on the interest rate, on the time (for example, how long you leave interest in your bank), and on whether simple or compound interest was agreed.

Funnily enough, it is 125%

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6275 will be worth 10001.40 while 6274 will not be enough.

no she will be short by some money around 7000

Find the amount of each payment to be made into a sinking fund so that enough will be present to accumulate the following amount. Payments are made at the end of each period. The interest rate given is per period.$8200; money earns 5% compounded annually; 4 annualy payments

This really depends on your interest rate and how often your interest rate is calculated. Let's assume you have a 4% interest rate, compounded, that is calculated once per month. That equals just under $110 per day! A higher/lower interest rate can change things drastically and how often your interest is calculated can as well. If your interest is calculated annually, you won't really make much. If your interest rate is .2%, the effect is the same. A 4% rate is common enough and monthly calculation on compound interest is also pretty normal. If you had 1 million dollars to put into a savings account however, you'd probably already know these money facts! Enjoy!

The simple answer is approximately 13.7 years using the rule of 72. Interest paid quarterly will affect the answer a little, but not enough to matter.

year 0 = 750.00 year 1 = 810.00 (750 x 1.08) year 2 = 874.80 year 3 = 944.78 year 4 = 1020.36 year 5 = 1101.99 year 6 = 1190.15 year 7 = 1285.36 year 8 = 1388.19 year 9 = 1499.25 (close enough)

In 2 years it will be 7581.6In 2.5 years it will be 7879.03So 2.5 years will be enough.In 2 years it will be 7581.6In 2.5 years it will be 7879.03So 2.5 years will be enough.In 2 years it will be 7581.6In 2.5 years it will be 7879.03So 2.5 years will be enough.In 2 years it will be 7581.6In 2.5 years it will be 7879.03So 2.5 years will be enough.

not enough

Strangely enough, the answer is 0.5 percent!

Annually. Oddly enough in September.

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