Question

This year, the annual tuition at a public four-year university is $5,290. Next year when Jarrod attends his first year, the tuition is expected to increase 4. 5%. Jarrod has 1 year to save the amount of money equal to the tuition for his first year. What is the approximate minimum amount Jarrod should save monthly? $441 $461 $553 $639.

Answer 1

The correct statement is that the minimum contribution to be saved by Jarrod on a monthly basis should be $461. So, the correct option from the choices given above is B.

The monthly contribution can be calculated by taking into consideration the rise in tuition fee and then dividing such obtained amount by number of months left for such accomplishment of savings.

Calculation of monthly contribution.

• The formula for calculation of tuition fees of university will be computed by the formula using the given information as,

• $\rm Tuition\ Fee = Current\ Fee+ Increment \\\\\rm Tuition\ Fee= 5290 + 4.5\%\\\\\rm Tuition\ Fee= \ 5528.05$

• The monthly contribution can be calculated by using the available values in the formula as,

• $\rm Monthly\ Contribution= \dfrac{Tuition\ Fee}{Period}\\\\\\\rm Monthly\ Contribution= \dfrac{5528.05}{12}\\\\\rm Monthly\ Contribution=\ 460.7$

• So the approximate monthly contribution to be made by Jarrod will be $461 every month.

Hence, the correct option is B that the approximate minimum monthly contribution to be made by Jarrod to save for university tuition fee will be $461.

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