Business, 10.10.2019 12:30 jamaicandre7

The lopez family is saving $275 monthly for verona’s college education. the family anticipates they will need to contribute $10,000 toward her first year of college, which is in 3 years. which best explains whether or not the family can expect to have enough money after saving for 3 years?

a. the family will not have enough money. they will have saved only $8,250.

b. the family will not have enough money. they will have saved only $9,900.

c. the family will likely have enough money. they will have saved $8,250 and have accumulated interest.
d. the family will likely have enough money. they will have saved $9,900 and have accumulated interest.

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If we multiply the monthly savings of the Lopez family we will have:
$275 * 12 * 3 = $9,900 for next 3 years. It means that correct answer would be B) not enough money or D) enough money. So lets assume that the bank have the annual interest rate of 6% ( r = 0.06 : 12 = 0.005 - monthly ). Then we can use this formula: S = P * ( r +1)* (( r + 1 )^n - 1 ) / r
S = 275 * 1.005 * 0.19668 / 0.005 = 275 * 39.35 = $10,871
It means that they will have more than needed for Verona`s college.
D ) The family will likely have enough money. They will have saved $9,900 and have accumulated interest.

Answer from: brandytyler317fries

The answer will be D, They will have saved 9,900

Explanation:

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