Answer :
To determine which budget will achieve the financial goal of saving [tex]$6000 for college tuition most quickly, we need to compare the monthly savings of each budget and find out how long it will take to reach the $[/tex]6000 goal for each one.
The data provided includes the monthly savings for each budget:
- Budget A: [tex]$600 per month - Budget B: $[/tex]50 per month
- Budget C: [tex]$200 per month - Budget D: $[/tex]450 per month
We need to calculate the time in months it will take to save [tex]$6000 for each budget. 1. Calculating the time for Budget A: - Savings per month: $[/tex]600
- Time required: [tex]\(\frac{6000}{600} = 10\)[/tex] months
2. Calculating the time for Budget B:
- Savings per month: [tex]$50 - Time required: \(\frac{6000}{50} = 120\) months 3. Calculating the time for Budget C: - Savings per month: $[/tex]200
- Time required: [tex]\(\frac{6000}{200} = 30\)[/tex] months
4. Calculating the time for Budget D:
- Savings per month: [tex]$450 - Time required: \(\frac{6000}{450} \approx 13.33\) months Now we compare the time required for each budget: - Budget A: 10 months - Budget B: 120 months - Budget C: 30 months - Budget D: 13.33 months Among these, Budget A achieves the savings goal most quickly, with 10 months required. Hence, the best budget to achieve the financial goal of saving $[/tex]6000 for college tuition the fastest is:
a. Budget A
The data provided includes the monthly savings for each budget:
- Budget A: [tex]$600 per month - Budget B: $[/tex]50 per month
- Budget C: [tex]$200 per month - Budget D: $[/tex]450 per month
We need to calculate the time in months it will take to save [tex]$6000 for each budget. 1. Calculating the time for Budget A: - Savings per month: $[/tex]600
- Time required: [tex]\(\frac{6000}{600} = 10\)[/tex] months
2. Calculating the time for Budget B:
- Savings per month: [tex]$50 - Time required: \(\frac{6000}{50} = 120\) months 3. Calculating the time for Budget C: - Savings per month: $[/tex]200
- Time required: [tex]\(\frac{6000}{200} = 30\)[/tex] months
4. Calculating the time for Budget D:
- Savings per month: [tex]$450 - Time required: \(\frac{6000}{450} \approx 13.33\) months Now we compare the time required for each budget: - Budget A: 10 months - Budget B: 120 months - Budget C: 30 months - Budget D: 13.33 months Among these, Budget A achieves the savings goal most quickly, with 10 months required. Hence, the best budget to achieve the financial goal of saving $[/tex]6000 for college tuition the fastest is:
a. Budget A
