The table shows the predicted cost of attending an in-state four-year public college 4 years from now. Category Predicted Annual Cost tuition $9,350 room and board $8,630 books and fees $1,650 transportation $2,140 other $1,110 Caleb used the table to determine the minimum amount he should save each month to have enough money to pay for his first year of college. He anticipates receiving $4,500 in grants and he will live at home. If he has 4 years to save, and places his money in an interest bearing college savings account, what is the minimum Caleb and his family should save each month? $100 $200 $300 $400

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Aarav

Business

16 June, 03:15

The table shows the predicted cost of attending an in-state four-year public college 4 years from now. Category Predicted Annual Cost tuition $9,350 room and board $8,630 books and fees $1,650 transportation $2,140 other $1,110 Caleb used the table to determine the minimum amount he should save each month to have enough money to pay for his first year of college. He anticipates receiving $4,500 in grants and he will live at home. If he has 4 years to save, and places his money in an interest bearing college savings account, what is the minimum Caleb and his family should save each month? $100 $200 $300 $400

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Answers (2)

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Joyce Carey · Answer 1

C $300 thats what i put on a test in edgenenuity and got it right

Sadie Wagner · Answer 2

To find the cost of going to this college in four years, sum all the values given (9350 + 8630 + 1650 + 2140 + 1110), which gives $22,880 for attending. Subtracting 4500 for grants and 8630 for not having to live on-campus gives a value of $9750 required. Dividing this value by 48 months (the time left before he begins attending) gives an approximate value of $203.13 needed to be saved per month without any interest being added. To make sure that Caleb has enough if the $3.13 per month isn't made up by interest down the line, $300 should be saved each month.