ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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You earn $300 a week and you are able to save half of that each week. You are saving money to go on a trip with your friends after you graduate high school. the trip is going to cost $1, 350. How many weeks will you have to work to save enough money to go on the trip?
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4 and a half weeks
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11 weeks
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9 weeks
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7 weeks
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Explanation:
Detailed explanation-1: -The Maturity Value (MV) of a loan is the sum of the principal P plus the interest I. In Example 1, Jo borrowed $2000 at an interest rate of 5%. At the end of one year Jo owed $100 in interest. The maturity value of the loan is MV = P + I where P = $2000 and I = $100.
Detailed explanation-2: -Do you know the Rule of 72? It’s an easy way to calculate just how long it’s going to take for your money to double. Just take the number 72 and divide it by the interest rate you hope to earn. That number gives you the approximate number of years it will take for your investment to double.
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