Question #22032
Joanne is investing $13600 in an account that pays 8.2% per annum,compounded monthly. A friend has agreed to sell her a pickup truck for $15 900. But she has to pay gst for the truck. How long will it take, to the nearest month, to have enough in the account to buy the truck? And how many months sooner to the nearest month, could she buy the truck if the interest rate is 9.3% per annum compounded monthly?
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