Answer :
compounding interest formula is:
A = P(1 + (r/n)) ^(nt)
where P = initial amount
r = rate [the percentage as a decimal]
n = how many times per year
t = time
we plug in what we know and get
A = (150)(1 + (0.0725 / 4))^(4*4)
A = 199.94
199.94 is less than 295.99
therefore she will Not have enough money for her trip.
A = P(1 + (r/n)) ^(nt)
where P = initial amount
r = rate [the percentage as a decimal]
n = how many times per year
t = time
we plug in what we know and get
A = (150)(1 + (0.0725 / 4))^(4*4)
A = 199.94
199.94 is less than 295.99
therefore she will Not have enough money for her trip.
