Question

Tuition for one year at a state university is about $13,000. Devon would like to attend this university and will save money each month for the next 4 years. His parents will give him $5,200 for his first year of tuition. Which plan shows the minimum amount of money Devon must save to have enough money to pay for his first year of tuition?

Answer 1

$162.50 per month for the next 4 years

Explanation:

Here are the options to this question :

Save $270.83 per month for the next 4 years

Save $162.50 per month for the next 4 years

Save $650.00 per month for the next 4 years

Save $108.33 per month for the next 4 years

If Devon's parents would give him $5,200 for his first year of tuition, Devon needs to save a minimum of :

$13,000 - $5,200 = $7,800

If he saves per month for the next four months, he would save 48 times ( 12 months in a year multiplied by 4 years)

The minimum he should save per month = $7800 / 48 = $162.50