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
Answer
A
The family will not have enough money. They will have saved only $9,900.
B
The family will not have enough money. They will have saved only $8,250.
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.