Question

please help

Answer 1

In March, a family starts saving for a vacation they are planning at the end of august, the family expects the vacation to cost $1432. the start with $130. At the beginning of the month they plan to deposit 20% more than the previous month. Will they have enough money for their trip. if, not how much more will they need?

Answer 2

What is 20% of $130?

Answer 3

$26.00

Answer 4

so in March they invest $130

then at the start of April (the beginning of the next month after march), they deposit 130+26 = 156 dollars

Answer 5

how much do they deposit at the beginning of May?

Answer 6

how are you getting that?

Answer 7

may isn't $156

Answer 8

I'm assuming they are increasing each deposit by 20%

Answer 9

But I guess you may be right in saying that 20% increase only happens exactly one time

Answer 10

ok

Answer 11

hmm now I'm not sure which one they want

Answer 12

but if we assume they only increase it by 20% exactly one time, then you'll have 1 deposit of $130 (in March) and then 5 deposits of $156 (in April, May, June, July, August)

Answer 13

correct

Answer 14

I'm getting $522 as well

Answer 15

If you go with option 2 (increases of 20% each time), you will have

Deposit in March: $130
Deposit in April: $156
Deposit in May: $187.20
Deposit in June: $224.64
Deposit in July: $269.57
Deposit in August: $323.48

Add them up: 130+156+187.20+224.64+269.57+323.48 = 1290.89

Now you're short 1432 - 1290.89 = 141.11 dollars

Answer 16

Either way, you come up short (option 2 isn't as bad as option 1 though)

Answer 17

you're welcome