tara and her parents want to save at least $40,000 for college in 8 years. which statement describes the…

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?\ntara and her parents should make deposits of $300 every month into a college savings account.\ntara and her parents should make deposits of $450 every month into a college savings account.\ntara and her parents should make deposits of $3,000 every year into a college savings account.\ntara and her parents should make deposits of $4,000 every year into a college savings account.

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?\ntara and her parents should make deposits of $300 every month into a college savings account.\ntara and her parents should make deposits of $450 every month into a college savings account.\ntara and her parents should make deposits of $3,000 every year into a college savings account.\ntara and her parents should make deposits of $4,000 every year into a college savings account.

Answer

Explanation:

Step1: Calculate savings for monthly - $300$

There are $12$ months in a year and $8$ years. So the total savings is $300\times12\times8 = 300\times96=28800$ dollars.

Step2: Calculate savings for monthly - $450$

The total savings is $450\times12\times8=450\times96 = 43200$ dollars.

Step3: Calculate savings for yearly - $3000$

The total savings in 8 years is $3000\times8 = 24000$ dollars.

Step4: Calculate savings for yearly - $4000$

The total savings in 8 years is $4000\times8=32000$ dollars.

Answer:

Tara and her parents should make deposits of $450$ every month into a college savings account.