In March, a family starts saving for a vacation they are planning for the end of August. The family expects the vacation to cost $1380. They start with $125. 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?

Question

Deacon

Mathematics

4 May, 01:15

In March, a family starts saving for a vacation they are planning for the end of August. The family expects the vacation to cost $1380. They start with $125. 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?

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Answers (1)

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Lawson Webster · Answer 1

No, they need $138.76 more

Step-by-step explanation:

April:

10% of $125 = 12.5

12.5 x 2 = 25

$125 + $25 = $150

May:

10% of $150 = $15

$15 x 2 = $30

$150 + $30 = $180 (180 is 20% more than 150)

June:

10% of $180 = $18

$18 x 2 = $36

$180 + $36 = $216

July:

10% of $216 = $21.60

$21.60 x 2 = $43.20

$216 + $43.20 = $259.20

August:

10% of $259.20 = $25.92

$25.92 x 2 = $51.84

$259.20 + $51.84 = $311.04

$125 + $150 + $180 + $216 + £259.20 + $311.04 = $1241.24

$1380 - $1241.24 = $138.76