Tuition for one year at a state university is
about $13,000. Devon would like to attend this
university and will save money each month for the
next 4 years. His parents will give him$5,200 for
his first year of tuition. Which plan shows the
minimum amount of money Devon must save to
have enough money to pay for his first year of
tuition?
A Save $108.33 per month for the next 4 years
B Save $162.50 per month for the next 4 years
C Save $650.00 per month for the next 4 years
D Save $270.83 per month for the next 4 years
13,000 - 5200 = 7800
7800 / 4 = 1950
1950 / 12 = 162.50
Plan B
To find the minimum amount of money Devon must save, we first need to calculate how much money he will have saved after 4 years.
Devon's parents will give him $5,200 for his first year of tuition.
Devon also needs to save money each month for the next 4 years.
The total amount of money Devon needs for his first year of tuition is $13,000.
To calculate how much money Devon needs to save in total, we subtract the amount of money his parents will give him from the total amount needed: $13,000 - $5,200 = $7,800.
Now, we divide the total amount Devon needs to save by the number of months in 4 years (48 months) to find out how much money he needs to save per month:
$7,800 รท 48 = $162.50
The correct option is B) Save $162.50 per month for the next 4 years.
To find out the minimum amount of money Devon must save to have enough money to pay for his first year of tuition, we need to calculate the total amount of money he will have after 4 years, including the $5,200 his parents will give him.
Since Devon will save money each month for 4 years, we need to find the total number of months he will save money. Since there are 12 months in a year, multiplying 12 by 4 gives us 48 months.
Now, let's calculate the total amount Devon will have after 4 years:
Option A: Saving $108.33 per month for 48 months will give us $108.33 x 48 = $5,199.84
Option B: Saving $162.50 per month for 48 months will give us $162.50 x 48 = $7,799.56
Option C: Saving $650.00 per month for 48 months will give us $650.00 x 48 = $31,200.00
Option D: Saving $270.83 per month for 48 months will give us $270.83 x 48 = $13,014.84
Comparing these options, we can see that Option D, saving $270.83 per month for the next 4 years, provides the minimum amount of money Devon must save to have enough money to pay for his first year of tuition.