Tuition for one year at a state university is about $30,000. Nyella would like to attend this university and will save money each month for the next 3 years. Her parents will give her $12,500 for her first year of tuition. What plan shows the minimum amount of money Nyella must save to have enough money to her first year of tuition?
a Save $833.33 per month for 3 years
b Save $486.11 per month for 3 years
c Save $1,180.56 per month for 3 years
d Save $364.58 per month for 3 years
To find the total amount of money Nyella needs to save for her first year of tuition, we need to subtract the $12,500 her parents are giving her from the total cost of tuition, which is $30,000.
$30,000 - $12,500 = $17,500
To find the monthly savings amount, we need to divide the total amount of money needed by the number of months she has to save.
$17,500 รท 36 months = $486.11
Therefore, the minimum amount of money Nyella must save each month for the next 3 years is $486.11.
Answer: b Save $486.11 per month for 3 years