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?
ASave $833.33 per month for 3 years
Save $486.11 per month for 3 years
Save $1,180.56 per month for 3 years
D
Save $364.58 per month for 3 years
The correct plan is D: Save $364.58 per month for 3 years.
To calculate the total amount of money Nyella needs for tuition, we subtract the amount her parents will give her from the total tuition cost: $30,000 - $12,500 = $17,500.
To determine how much money Nyella needs to save each month, we divide the total amount needed by the number of months in 3 years (36 months): $17,500 / 36 = $486.11 (rounded to the nearest cent).
Of the given answer choices, the plan that comes closest to this amount is D: Save $364.58 per month for 3 years.