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

Answer

Explanation:

Step1: Calculate total savings for each option

Option 1: $4000 per year for 8 years

$4000\times8 = 32000$

Option 2: $3000 per year for 8 years

$3000\times8=24000$

Option 3: $450 per month for 8 years (96 months)

$450\times96 = 43200$

Option 4: $300 per month for 8 years (96 months)

$300\times96=28800$

Step2: Compare with the goal of $40000

We want to save at least $40000$. Option 3 gives a total of $43200$ which meets the goal.

Answer:

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