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The Lopez family is putting $275 monthly into a savings account 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 ? Assume the savings account accrues interest The family will not have enough money. They will have saved only $8,250. The family will not have enough money. They will have saved only $9,900. The family will likely have enough money. They will have saved $8,250 and have accumulated interest. The family will likely have enough money. They will have saved $9,900 and have accumulated interest.

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Answer:

The family will likely have enough money. They will have saved $9,900 and have accumulated interest.

Step-by-step explanation:

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abiolataiwo2015

The statement that best explains whether or not the family can expect to have enough money after saving for 3 years is:

  • The family will likely have enough money.
  • They will have saved $9,900 and have accumulated interest.

Given:

Saved amount=$275

Time= 3 years or 36 months

Hence:

Saved amount=$275×36 months

Saved amount=$9,900

Based on the above calculation the family will saved $9,900 in 3 years or 36 months.

This means that the family will have enough money including accumulated interest on the amount saved to sponsor Verona’s college education toward Verona’s first year of college.

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