Tara and her parents want to save at least $40,000 for college in 8 years. Which statement describes the most effective savings plan for Tara and her parents to meet their goal?
Tara and her parents should make deposits of $300 every month into a college savings account.
Tara and her parents should make deposits of $450 every month into a college savings account.
Tara and her parents should make deposits of $3,000 every year into a college savings account.
Tara and her parents should make deposits of $4,000 every year into a college savings account.