SOLUTION: In March, a family starts saving for a vacation they are planning for the end of August. The family expects the vacation to cost $1370. They start with $125 at the start of each mo

Algebra ->  Finance -> SOLUTION: In March, a family starts saving for a vacation they are planning for the end of August. The family expects the vacation to cost $1370. They start with $125 at the start of each mo      Log On


   

Question 1154895: In March, a family starts saving for a vacation they are planning for the end of August. The family expects the vacation to cost $1370. They start with $125 at the start of each month they plan to deposit 20% more than the previous month. Will they have enough money for their trip? If not, how much more do they need?
Found 2 solutions by greenestamps, MathTherapy:
Answer by greenestamps(13200) About Me  (Show Source):
You can put this solution on YOUR website!


Not enough....
March  $125
April  $150
May    $180
June   $216
July   $259.20
August $311.04
--------------
total $1201.24

They will be short by $1370-$1201.24 = $168.76

Answer by MathTherapy(10552) About Me  (Show Source):
You can put this solution on YOUR website!

In March, a family starts saving for a vacation they are planning for the end of August. The family expects the vacation to cost $1370. They start with $125 at the start of each month they plan to deposit 20% more than the previous month. Will they have enough money for their trip? If not, how much more do they need?
Correct answer: They will have saved highlight_green%28%22%241%2C241.24%22%29, and would be short