Question
It's September 2022 and you are planning to go to Europe in July 2023 to recover from the stressful university experience. You expect the trip
It's September 2022 and you are planning to go to Europe in July 2023 to recover from the stressful university experience. You expect the trip to cost about $8,000 in total. To save up for the trip, you decide to open a high-interest savings account and make weekly contributions over 42 weeks. This way, you aim to reach your $8,000 savings goal by the start of your trip. The savings account has an interest rate of 1.5% per annum, and you assume weekly compounding for simplicity. How much money must you deposit into your savings account each week to achieve your savings goal on time?
Choose the correct option from the following: A. $189.35 B. $190.48 C. $191.66 D. $200.00
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