Part 1:
you and your best friend want to take a vacation to australia. you have done some research and discovered that it will cost $2500 for the plane tickets, all-inclusive hotel and resort, and souvenirs. you have already saved $2200. if you invest this money in a savings account with a 1.55% interest rate compounded annually, how long will it take to earn enough money to go on the trip? use the compound interest formula a = p (1 + i)n, where a is the accumulated amount, p is the principal, i is the interest rate per year, and n is the number of years. round your final answer to the nearest tenth

part 2:
you are planning to go on this trip in 2 years. how much money will you need to invest at a 1.55% interest rate compounded annually in order to have $2500 in 2 years? use the compound interest formula a = p (1 + i)n. (round final answer to the nearest cent, but otherwise don’t round any intermediate values)

part 3:
now say you only have $2000 to invest and the highest interest rate you can find is 1.8% compounded annually. if you decide to wait 7 years to go on the trip, how much money will you have to spend on the trip? use the compound interest formula a = p (1 + i)n. (round final answer to the nearest cent, but otherwise don’t round any intermediate values)

part 4:
write a paragraph explaining how you would prepare financially for this trip. would you invest the $2200 and wait until it grows to $2500? would you add to the investment of $2200 so it will grow to $2500 by the time you want to take the trip? would you invest the $2200 and come up with the rest of the money when you want to take the trip? explain your answer.