Juan and Kara Martinez are going to increase their savings contributions by 15% this year compared with last year. Find their contributions for this year. What is the element in the second row, first column of the answer?
Last Year’s Savings Contributions
CD IRA 401K
1.15 Juan [$2,500$3,500$4,000$3,000$15,000$12,000]
Kara(1 point)
Responses
$4,025
$4,025
$600
$600
$525
$525
$4,600
To find Juan and Kara's contributions for this year, we need to first calculate the 15% increase for each of their contributions listed in the table.
For Juan:
CD: $2,500 * 1.15 = $2,875
IRA: $3,500 * 1.15 = $4,025
401K: $4,000 * 1.15 = $4,600
For Kara:
CD: $3,000 * 1.15 = $3,450
IRA: $15,000 * 1.15 = $17,250
401K: $12,000 * 1.15 = $13,800
So, the increased contributions for Juan and Kara are as follows:
Juan: [$2,875, $4,025, $4,600]
Kara: [$3,450, $17,250, $13,800]
The element in the second row, first column of the answer is therefore $4,025.