Cassidy deposited $500 into a money market account that paid 7% interest compounded monthly. How much did she have to the neares
1 answer:
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Answer:
$541.67 per month
Step-by-step explanation:
Tuition and other expenses = $8,250 per semester.
There are two semesters in a year
She has 4 years to spend
Total semester=4years*2semesters
=8 semesters
4 years in college which is a total of 8 semesters.
Total Tuition and other expenses = $8,250 * 8
= $66,000
She needs a total of $66,00 to complete her college
Assistance from parents=$15,000
Financial aid(per semester)=$4750
Total financial aid=$38,000
Total assistance=
Assistance from parents+ financial aid
=$15000+$38,000
=$53,000
Total savings=Total amount needed - Total assistance
=$66,000 - $53,000
=$13,000
She needs to save $13,000 in two years
There are 12 months in one year
2 years=2*12=24 months
Monthly savings=Total savings/24 months
=$13,000/24
=$541.666666
To the nearest cent
=$541.67
