Chris is going to be a junior in high school, and the college he wants to go to costs $9, 264 for tuition the first year. Chris's parents have a savings account that will cover 75% of his first year's tuition, and the rest Chris will need to pay for. If he has two years to save the money, how much should Chris save each month in order to meet his goal?
(pick an answer)
$193
$96.50
$2,316
$289.50
$96.50
To calculate this, first find the amount Chris needs to save for the first year's tuition that is not covered by his parents' savings.
$9,264 * 0.25 = $2,316
Then, spread that amount over 24 months (2 years) to find the monthly savings amount.
$2,316 / 24 = $96.50
Therefore, Chris should save $96.50 each month to meet his goal.