Question

Henry is planning to attend a public university after he graduates from high school in 3 years. He is devising a plan to save money each month to help with the expenses of attending the university. The cost of attending the public university for one-year is $26,500. His family has promised to contribute $13,450 each year he is in school. What is the minimum amount of money Henry must contribute to his savings per month for the next 3 years to have enough money to pay for his first year of tuition?

a
$501.32
b
$362.50
c
$294.38
d
$482.35

Answer 1

option b) 362.50
subtract the amount his parents are giving from the original cost of tuition and the divide by the number of months he had to save