Question

The Polleys want to put in a swimming pool next summer. They need to save $6,000 over 12 months in order to achieve this goal. They set aside the same amount each month and after 7 months discovered they have saved $3,100. The Polleys know that they must adjust their plan in order to meet their goal, so they come up with the following options: Option A: Save the original amount for each month but put the pool in one month later than originally planned. Option B: Increase savings for each month by $100 from their original plan. Which of the following statements is true? a. Only option A will allow them to meet their goal. B. Only option B will allow them to meet their goal. C. Either option A or B will allow them to meet their goal. D. Neither option A nor option B will allow them to meet their goal.

Answer 1

I want to say that my plan is make sure there is no shortage or surplus with my answer so let me start ,
Firstly saving the original amount for each month but the put the pool would be in by a month later then original planned is a good idea since after the first 7 months the money left for the family to take care of the pool of $2900 and it we send the recurring balance to the next year which will be January the pool will be taken care of with just $ 400 more ..and with option b increasing the saving plan each month by $100 would also work which would make them cover the remaining balance of $2900 within the 5 months left in the year with surplus money left ..so my conclusion is that all of the above option would work

Answer 2

D. neither option

Explanation:

The family wants to achieve a balance of $6000 over 12 months. Their rate of savings is $3100 in 7 months, or about $442.86 per month. The remaining balance needed is $6000 -3100 = $2900.

Let's look at the plans.

Option A

Saving at the current rate for 13 months would give a total of ...

13 × $442.86 = $5757.18 . . . . short of $6000

Option B

Increasing the current rate of savings by $100 per month would add to the current balance an amount of ...

5 × ($442.86 +100) = 5 × $542.86 = $2715.30 . . . . short of $2900 needed

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Neither Option A nor Option B will allow them to meet their goal.