Thomas is saving for a trip to New Zealand. The trip is estimated to cost $6,500 inclusive

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Question:

Thomas is saving for a trip to New Zealand. The trip is estimated to cost $6,500 inclusive of all flights and accommodation.

Thomas will set aside his birthday gift of $2,500 in a simple interest account earning 8% at a local bank.

What will be the accumulated amount after 9 months?

Thomas also has savings of $3,500, earned over the summer break. He would like to invest this savings in an interest-bearing account that earns interest at a rate of 8.4% per year compounded quarterly.

What will be the accumulated amount after 9 months?

Alternatively, Thomas' bank manager thinks Thomas should immediately pool the money from his birthday gift and savings and invest the pooled amount in an account for the same time period which pays interest at a rate of 7.2% per annum, compounded monthly. Thomas is worried that 7.2% p.a. is a lower interest rate compared to the current arrangement and he will not have enough for his trip.

What will be the accumulated amount after 9 months? Will Thomas have enough money for the trip to New Zealand? (Round final answer to nearest cents)