Complete question :
Giselle used the table to predict the cost of one year of college.
Category
Estimated Cost 2017–2018
tuition
$12,450
room and board
$10,125
transportation
$2,600
books and fees
$2,250
other
$1,250
Giselle predicts that she will receive a grant for $4,000. If she has 4 years in which to save, what is the minimum monthly amount she should deposit in an interest bearing savings account to be able to pay her contribution for one year of college?
$400
$500
$600
$700
Answer: $600
Explanation:
Given the following college cost estimate:
Tuition - $12,450
room and board - $10,125
transportation - $2,600
books and fees - $2,250
other - $1,250
Total cost : Tuition + room and board + transportation + books and fees + others
$(12450 + 10125 + 2600 + 2250 + 1250) = $28,675
If Giselle has 4 years to save monthly ;
12 months = 1 year
(12 * 4) months = 4 years
48 months
Monthly saving = total cost / number of months
Monthly saving = $28,675 / 48
Monthly saving = $597.39583
= $ 600 (approximately)
