It will cost Amber an estimated $3,723 a year in tuition to attend her preferred college. She has been putting $350 a month in a savings account for the past 3 years. The account does not earn interest. Her parents will add to her account by giving her half of what she has saved towards her college expenses. Does Amber have enough to pay for 4 years of tuition and additional expenses?
No; she needs to save an additional $2,292.
No; she needs to save an additional $1,908.
Yes; she will have $4,008 for other expenses.
Yes; she will have $477 for other expenses.
Plz help
3723 * 4 = 14,892 needed for tuition
350 * 12 * 3 = 12,600
parents give her 12,600/2 = 6,300
total available = 18,900
excess = 18900 - 14892 = 4,008 for food etc
Thank you so much Damon!
350x12=4200x3=12600 is her earnings.
6300 is what her parents give.
4 years will cost 14,892.
she has in all 18900.
18900-14,892= 4,008 left over which means the answer is 3.
aww man he beat me to it
post it.
Thank you too, please!
To determine whether Amber has enough to pay for 4 years of tuition and additional expenses, we need to calculate the total amount she will have saved over the course of 4 years and compare it to the cost of tuition and additional expenses.
First, we need to calculate how much Amber has saved in total over the past 3 years. Amber saves $350 per month, so in 3 years she will have saved:
$350/month * 12 months/ year * 3 years = $12,600
Since her parents are contributing half of what she has saved, they will add half of $12,600 to her account, which is:
$12,600 * 0.5 = $6,300
Now, let's calculate how much she will save in the fourth year. Since the account does not earn interest, she will save the same amount as before:
$350/month * 12 months/year = $4,200
To find out if she has enough to pay for 4 years of tuition and additional expenses, we need to add up the total savings:
Total savings = Savings from the past 3 years + Savings in the fourth year + Contribution from parents
Total savings = $12,600 + $4,200 + $6,300
Total savings = $23,100
Now, let's check if this amount is enough to cover the tuition and additional expenses for 4 years. The cost of tuition for 4 years is $3,723/year * 4 years = $14,892.
Therefore, the total amount Amber will have left for other expenses is:
Total savings - Tuition expenses = $23,100 - $14,892 = $8,208
Given the options provided, it seems that none of them accurately reflect the correct amount. Amber will actually have $8,208 for other expenses, which is not listed as an option.