the hartman family is saving $400 monthly for ronalds college education. the family anticipates they will…

the hartman family is saving $400 monthly for ronalds 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?\nthe family will not have enough money. they will have saved only $16,000.\nthe family will not have enough money. they will have saved only $19,200.\nthe family will likely have enough money. they will have saved $16,000 and have accumulated interest.\nthe family will likely have enough money. they will have saved $19,200 and have accumulated interest.

the hartman family is saving $400 monthly for ronalds 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?\nthe family will not have enough money. they will have saved only $16,000.\nthe family will not have enough money. they will have saved only $19,200.\nthe family will likely have enough money. they will have saved $16,000 and have accumulated interest.\nthe family will likely have enough money. they will have saved $19,200 and have accumulated interest.

Answer

Answer:

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

Explanation:

Step1: Calculate total monthly - savings in 4 years

There are $4\times12 = 48$ months in 4 years.

Step2: Calculate total savings

The family saves $400$ per month. So the total savings is $400\times48=$19200$. Since $19200<20000$, the family will not have enough money.