The annual tuition at a public two-year college last year was $3,200. For the new school year, Elizabeth's first year in college, the tuition is expected to increase 5%. She saved the same amount monthly to prepare for the cost of her tuition. What is the minimum amount Elizabeth should have saved monthly during the previous year?

Question

William Perry

Mathematics

9 March, 17:15

The annual tuition at a public two-year college last year was $3,200. For the new school year, Elizabeth's first year in college, the tuition is expected to increase 5%. She saved the same amount monthly to prepare for the cost of her tuition. What is the minimum amount Elizabeth should have saved monthly during the previous year?

+1

Answers (1)

Know the Answer?

Kristina Hensley · Answer 1

he tuition of $3,200 increased by 5% is: 3,200 + 0.05*3,200 = 1.05*3,200 = $3,360

Elizabeth saved equal amounts each month for 12 months the previous year thus we divide $3,360 by 12 to find how much she saved monthly:

$3,360 : 12 = $280

The minimum amount Elizabeth should have saved monthly is $280.