The number of years it will take you to save enough money for trip is 4 years.
IF the interest is 15.7%, you can go on the trip 2. 56 years sooner.
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How long will it take to save enough money?</h3>
Simple interest is the amount that is earned when money is saved. When an account earns a simple interest, the amount increases linearly. The simple interest earned is a function of the amount deposited, time and the interest rate.
Interest = total amount deposited x time x interest rate
Time = simple interest / (amount deposited x interest rate)
Interest = amount needed for the trip - amount deposited
1400 - 1000 = 400
Time = 400 / (1000 x 0.1)
Time = 4 years
Time you can go on the trip if the interest is 15.7%: 400 / (1000 x 0.157) = 2.56 years
Difference = 4 years - 2.56 years = 1.44 years
To learn more about simple interest, please check: brainly.com/question/27328409
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Here is the complete question:
the cocoa beach pier. you deposit 1000 in an account that earns simple interest at an annual rate of %10. Travel and entertainment will cost $600, and lodging will cost $800.
