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What would be the annual compound interest rate

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1. Lisa and David have been married for two years. They have just decided that summer of 2020 should be spent in Switzerland. They figured out that in order to meet the cost of the entire vacation they would only have to dedicate what they already have in their saving account now ($ 5,859.37) for that vacation, keeping their regular monthly saving during the next two years for different purposes. Given that the annual compound interest rate is 8.5%, how much would they be able to spend for their vacation?

2. If the cost of vacation is $9,384.44, What would be the annual compound interest rate that would let their saving account accumulate to meet their vacation costs?

3. How many years would they have to wait if the annual compound interest rate is 10%, the cost of vacation is $12,000, and their saving account now has only $7451.05?

Reference no: EM132129464

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