Next year you want to have enough money to buy a new guitar. The new guitar is $1750 including taxes and shipping. You work part time and can afford to save $15 every week. As well as, you have $300 left from your summer job. You need an investment portfolio so that you can save money to buy the guitar in a year. If you invest into a GIC that earns 5% compounded annually and a savings account that earns 2.9% compounded weekly, will you have enough money in a year?
Added by Lana R.
Step 1
First, let's calculate how much money you will save from your part-time job in a year. Since you save $15 every week, and there are 52 weeks in a year, you will save: $15 * 52 = $780 Show more…
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