Joes family is beginning to save money to pay for his college. The University Joe wants to attend costs $9, 250 per year. His parents put $4, 000 in a savings account, and deposits 500 per year. At the end of 8 years there is $9, 267.20 in the savings account. Will Joe have enough money to pay for his first year of college?

COMPOUND INTEREST

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Joe’s family is beginning to save money to pay for his college. The University Joe wants to attend costs $9, 250 per year. His parents put $4, 000 in a savings account, and deposits 500 per year. At the end of 8 years there is $9, 267.20 in the savings account. Will Joe have enough money to pay for his first year of college?

A	Yes
B	No
C	Either A or B
D	None of the above

Explanation:

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ECONOMICS (CBSE/UGC NET)

ECONOMICS

COMPOUND INTEREST