Stan saved $1 000 working part-time at a store. He wants to use this money for a trip to Europe. He is a smart guy and therefore decides to invest the money into an investment fund with a 24% annual interest rate compounded monthly. The trip to Europe costs $2 500. How long (in months)should Stan keep his money in the investment fund to accumulate the required amount?

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The Answer of Stan saved $1 000 working part-time at a store. He wants to use this money for a trip to Europe. He is a smart guy and therefore decides to invest the money into an investment fund with a 24% annual interest rate compounded monthly. The trip to Europe costs $2 500. How long (in months)should Stan keep his money in the investment fund to accumulate the required amount?

Stan Saved $1 000 Working Part-Time at a Store