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3 years ago

Giselle used the table to predict the cost of one year of college.

2 answers:

8 0

Giselle should put at least $600 in an interest bearing savings account. She has 4 years to save money for college and although she predicts she may receive a $4,000 grant, that does not mean she will. Her expenses are well over $4,000 and if she saves $600 a month for 48 months she will have $28,800 saved without the added interest she will be earning monthly.

Marat540 [252]3 years ago

5 0

Answer: $600

Explanation:

Total Estimated Cost is given by

$12,450 + $10,125 + $2,600 + $2,250 + $1,250

= $28,675

Allowable time to save = 4 years

= 4 * 12 months

= 48 months

Hence,

The amount to save per month is given by

$28,675 ÷ 48

= $597.40

Therefore,

She should save a minimum of $600 monthly. With this, she will be able to pay for her college in one year.

Note : the $4,000 grant was excluded from the calculation because it's a prediction.

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On January 1, Alan King decided to deposit $ 58,800 in a savings account that will provide funds four years later to send his so

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The amount 'a' available after 'n' years of a sum 'p' saved now at a rate of interest 'r' is

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The journal entry to be made on January 1 is

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3. Total interest for four years = Amount available after <u>four years</u> - Initial deposit = $79,997 - $58,800 = $21,297

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