Question

In​ March, a family starts saving for a vacation they are planning for the end of August. The family expects the vacation to cost ​$1327. They start with ​$120. At the beginning of each month they plan to deposit 20​% more than the previous month. Will they have enough money for their​ trip? If​ not, how much more do they​ need? Select the correct answer below​ and, if​ necessary, fill in the answer box within your choice.

Answer 1

Deposited money:

March: 120
April: 120+(120×20)/100=120+24=144
May: 144+(144×20)/100=144+18,8=162,8
June: 162,8+(162.8×20)/100=162,8+32.56=195.36
July: 195.36+(195.36×20)/100=195.36+23.87=219.23
August: 219.23+(219.23×20)/100=219.23+43.85=263.08

120+144+162.8+195.36+219.23+263.08=1105.19
So the answer is no.