21
QuizMultiple Choice

Financial Goals

Question 21 • Financial Math - MA2007 CR

The Greens want to put an addition on their house 18 months from now. They will need to save $10,620 in order to achieve this goal. They set aside the same amount each month, and after a year discover they have saved $6,120. The Greens must adjust their plan in order to meet their goal, so they came up with the following options: Option A: Stay with saving the original amount each month but put the addition on one month later than originally planned. Option B: Increase the amount of money they save each month by $120 from their original plan. Which of the following statements is true?

Answer
A
Only option A will allow them to meet their goal.
B
Only option B will allow them to meet their goal.
C
Both options A and B will allow them to meet their goal.
D
Neither option A nor option B will allow them to meet their goal.
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