the lopez family is putting $275 monthly into a savings account for veronas college education. the family…

the lopez family is putting $275 monthly into a savings account for veronas 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.

the lopez family is putting $275 monthly into a savings account for veronas 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.

Answer

Explanation:

Step1: Calculate total non - interest savings

There are 12 months in a year and they save for 3 years. They save $275 per month. So the total amount saved without considering interest is $275\times12\times3$. $275\times12\times3 = 275\times36=9900$.

Step2: Consider the effect of interest

Since the savings account accrues interest, the total amount in the account after 3 years will be the $9900$ they saved plus the accumulated interest.

Answer:

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