Question

Michael will attend college in 5 years. He anticipates he will need $19,000 to pay for the first year. He currently has $6,400 in a savings account.
Without including any interest earned, what is a reasonable estimate of the amount Michael needs to deposit into his savings account each month over the next 5 years to be able to pay for his first year of college?

Answer 1

Answer:

$210

Explanation:

Michael will be attending college in 5 years.

The college will cost $19,000

He has $6400

So he needs = $19,000 - $6400= 12,600.

Michael will need 12,600 in 5 years.

Every month Michael will need to save?

Five years are equivalent  5 x 12 months

= 60 months.

Every month he will save = 12,600 /60

= $210 without considering interest earned.

Answer 2

Answer:

the answer is 200

Explanation: