Arnold and Helene would like to visit Austria in four years to celebrate their 25th wedding anniversary.
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Question:
Arnold and Helene would like to visit Austria in four years to celebrate their 25th wedding anniversary. Currently, the couple has saved $21,500, but they expect the trip to cost $25,500.
Required
a. If they put $21.500 in an account that earns 8% interest, compounded annually, how much will they have in four years?
b. Will they be able to pay for the trip in four years?r
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