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?○ the family will not have enough money. they will have saved only $16,000.○ 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.○ the 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?○ the family will not have enough money. they will have saved only $16,000.○ 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.○ the family will likely have enough money. they will have saved $19,200 and have accumulated interest.

Answer

Explanation:

Step1: Calculate total months in 4 years

$4 \times 12 = 48$ months

Step2: Calculate total principal saved

$400 \times 48 = 19200$ dollars

Step3: Analyze savings + interest

Savings accounts earn interest, so the total amount will be higher than $19,200$, approaching $20,000$.

Answer:

D. The family will likely have enough money. They will have saved $19,200 and have accumulated interest.