Last semester a class gave a teacher $810 to fly to Bali. However, he decided not to go until he had enough money to fly back, an additional $690. If he invests the $810 at 8%, when can he make the trip, assuming no change in ticket prices?

Question

Quizplus · Accepted Answer

The amount of money needed is $810 + $690 = $1500. The interest earned in one year is $810 * 0.08 = $64.80. So, the number of years needed to earn $690 is $690 / $64.80 = 10.64 years. Rounding up to the nearest whole number, the answer is 11 years.

Last Semester a Class Gave a Teacher $810 to Fly