Question
Kirsten and Tanner will celebrate their 30th wedding anniversary in a few years, and their four children want to surprise them with a cruise. The
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Kirsten and Tanner will celebrate their 30th wedding anniversary in a few years, and their four children want to surprise them with a cruise. The children prefer to save the money together and then purchase the tickets in 3 years. The children will be able to earn 6% interest on their investment. At the end of the first year, the oldest child will contribute $1,000. The two middle children will contribute $1,600 at the end of the second year. At the end of the third year, the youngest child will contribute $600. When the siblings purchase the tickets at the end of the third year, how much money will they be able to spend on the cruise?
A.$3,200.00
B.$3,419.60
C.$3,455.60
D.$3,356.00
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