Question

Cheryl is planning to go to a four-year college in two years. She develops a monthly savings plan using the estimates shown. What should her monthly savings be? (rounded to the nearest cent)

Answer 1

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