Question

Ron wants to save $5,000 in 5 years. Can he do this by having $100 deposited into a payroll savings plan each month? Explain. use a calculator if you like.

Answer 1

Yes.

Explanation:

Yes because 100 times the 12 months in a year equals $1,200 and $1,200 times 5 is $6,000 and $6,000 is greater than $5,000, so yes.