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The Floyds have considered three options to ensure they have at least $1,375 saved for their trip.

Start saving money earlier than March.
Start with a larger initial deposit and keep the percentage for each consecutive deposit the same.
Start with the same initial amount, but increase the percentage for each consecutive deposit.
If they decide to go with option 3, they will start with $125 and continue to save money for 6 consecutive months. However, they plan to increase the monthly deposit 25% more than the previous month.

At this rate of saving, how much will the Floyds have saved for their trip at the end of August?

Respuesta :

Foxzy0

I am guessing you are talking about Option 3. They start with $125. So they times it by 1.25 as we are using the multiplier method. So in the First month, it will be 156.25. Second it will be 195.3125. So in August it will be $476.837157. Of couse round it and you will get $476.84.

I believe there is a more efficent way of doing this but I have forgotten.

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