Mike and Kate plan to save money for their wedding over a 20 month period. They will need to save $8,000 to help pay for the wedding. They set aside the same amount each month. …

Question

asked Apr 9, 2023 113k views

Mike and Kate plan to save money for their wedding over a 20 month period. They will need to save $8,000 to help pay for the wedding. They set aside the same amount each month. After a year they saved $4,000. Mike and Kate know they must adjust their plan in order to meet their goal, so they came up with the following options:

Option A: Stay with saving the same amount they've been saving each month but postpone the wedding 2 months.
Option B: Increase the amount of money they save each month by $80 from what they've been saving.
Which of the following is a true statement?
a.
Only option A will allow them to meet their goal.
b.
Only option B will allow them to meet their goal.
c.
Saving by either option A or option B will allow them to meet their goal.
d.
Neither option A nor option B will allow them to meet their goal.