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Mr. Sweeney has a 12-year-old nephew, Todd, who is trying to save up for a $300 bike. Mr. Sweeney wishes to help Todd, but he
Mr. Sweeney has a 12-year-old nephew, Todd, who is trying to save up for a $300 bike. Mr. Sweeney wishes to help Todd, but he also wants to teach him a lesson in hard work and the value of money. Mr. Sweeney and Todd strike the following bargain: each week, Todd will mow the lawn for Mr. Sweeney, and in return, Mr. Sweeney will deposit $25 in Todds savings account, which pays an effective annual interest rate of 7%. How many months will it take Todd to save up enough money to buy the bike?
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