Ever since she was a little girl, Sheila has dreamed of traveling the world. To help fund her dream, she bought a large piggy bank in December and started saving. By last week, she had saved $3,000. Pleased with her progress, she has decided to continue saving $276 per month, for 4 years. Today, Sheila’s family secretly added $7,000 into the piggy bank. At the end of 4 years, how much money will be in Sheila’s piggy bank?
Thoughts? Step-by-step reasoning:
Today, Sheila’s piggy bank has $3000 + $7000 = $10000. Sheila will be saving for 4 years which is equivalent to 12 months / year * 4 years = 48 months. In 4 years, she will save $276 / month * 48 months = $13248. The piggy bank will have a total of $10,000 + $13,248 = $23248.
Thus, the answer is 23248.