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The Hartman family is saving $400 monthly for Ronald's college education. The family anticipates they will need to
contribute $20,000 toward his first year of college, which is in 4 years. Which best explains whether the family will
have enough money in 4 years?
The family will not have enough money. They will have saved only $16,000.
O The family will not have enough money. They will have saved only $19,200.
The family will likely have enough money. They will have saved $16,000 and have accumulated interest.
O The family will likely have enough money. They will have saved $19,200 and have accumulated interest.

Respuesta :

Answer:

The family will not have enough money. They will have saved only 19,200

Step-by-step explanation:

The family will not have enough money. They will have saved only $19,200  is the best statement.

What is interest?

" Interest is defined as the amount of money which one has to pay while borrowing and charged while lending money."

According to the question,

Amount saved per month by Hartman family = $400

Amount need to pay fees after 4 years = $20,000

Total amount saved in 4years = 400 × 12 ×4

                                                 = $19200

Difference in amount needed = 20,000 - 19,200

                                                    = $800

Here it is not given that Hartman family has saved money in any bank.

Neither rate of interest is mentioned.

Hence, we conclude that the family will not have enough money. They will have saved only $19,200  is the best statement.

Learn more about interest here

https://brainly.com/question/13324776

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