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

question 58

Essay

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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Definitions:

World Trade Organization

An international body that deals with the rules of trade between nations, aiming to ensure that trade flows as smoothly, predictably, and freely as possible.

International Trade

The exchange of goods and services between countries, driven by comparative advantages.

World Trade Organization

An international organization that regulates trade between nations to ensure that trade flows as smoothly, predictably, and freely as possible.

International Trade Agreements

Treaties in which a country promises to engage in less trade protection against the exports of other countries in return for a promise by other countries to do the same for its own exports.