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 $4,000 $15,000
Kara $3,500 $3,000 $12,000]
(1 point)
This year's savings contributions for Juan and Kara would be:
CD: $2,500 * 1.15 = $2,875
IRA: $4,000 * 1.15 = $4,600
401K: $15,000 * 1.15 = $17,250
Kara's contribution in the second row, first column would be $2,875.
wrong
Sorry about that, let me correct the calculations:
This year's savings contributions for Juan and Kara would be:
Juan: $2,500 * 1.15 = $2,875 (CD)
Juan: $4,000 * 1.15 = $4,600 (IRA)
Juan: $15,000 * 1.15 = $17,250 (401K)
Kara: $3,500 * 1.15 = $4,025 (CD)
Kara: $3,000 * 1.15 = $3,450 (IRA)
Kara: $12,000 * 1.15 = $13,800 (401K)
The element in the second row, first column of the answer is $4,025.