Question

Christine is trying to save money for the down payment on a used car. Her parents have said that, in an effort to help her put aside money, they will pay her 20% interest on the money Katelyn accumulates each month. At the moment, she has saved $500. How long will it take Katelyn to save at least $17,500 if the only additions to her savings account are her parents’ interest payments?
Question 15 options:

a)

35 months


b)

None of the other choices


c)

35 years


d)

19.5 months


e)

19.5 years


5

Answer 1

Answer:

The correct answer is A

Step-by-step explanation: