Mike and Kate plan to save money for their wedding over a 20 month period. They will need to save $8,000 to help pay for the wedding. They set aside the same amount each month. After a year they saved $4,000. Mike and Kate know they must adjust their plan in order to meet their goal, so they came up with the following options:
Mike and Kate made $4,000 in 12 months but they only have six more months to make another 4,000 so Mike and Katie should put away 50% more money than they did last year so they can reach the amount they need quicker.
