Question

In​ March, a family starts saving for a vacation they are planning for the end of August. The family expects the vacation to cost ​$1428. They start with ​$130. At the beginning 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?

the answer is not 137 or 332

Answer 1

The family still needs $1104.52 to reach their savings goal for the vacation.

Explanation:

To determine whether the family will have enough money for their trip, we need to calculate the total savings at the end of August. Let's break down the savings for each month:

March: $130 (initial savings)

April: $130 + 20% = $156 (20% more than the previous month)

May: $156 + 20% = $187.20

June: $187.20 + 20% = $224.64

July: $224.64 + 20% = $269.57

August: $269.57 + 20% = $323.48

By the end of August, the family will have saved $323.48. However, their target amount for the vacation is $1428. Therefore, they do not have enough money for the trip.

To determine how much more they need, we subtract the total savings from the target cost:

$1428 - $323.48 = $1104.52

The family still needs $1104.52 to reach their savings goal for the vacation.