Question: Problem 2.29 Your parents have given you $1,400 a year before your graduation so that you can take a trip when you graduate. You wisely

Problem 2.29

Your parents have given you $1,400 a year before your graduation so that you can take a trip when you graduate. You wisely decide to invest the money in a bank CD that pays 8.56 percent interest. You know that the trip costs $1,397 right now and that the inflation for the year is predicted to be 3.83 percent. Will you have enough money in a year to purchase the trip?

yes or no

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