Tom and Suri decide to take a worldwide cruise. To do so, they need to save $30,000.

Question:

Tom and Suri decide to take a worldwide cruise. To do so, they need to save $30,000. They plan to invest $4,000 at the end of each year for the next seven years to earn 8% compounded annually. Determine whether Tom and Suri will reach their goal of $30,000 in seven years.