On average the annual cost to attend 2 year public institution in the 2020-2021 academic year is $3900 if the goal is to cover the cost for two years at a 2 year public institution after 3 years of investment, what is the minimum amount a student should be saving each month?
225
300
To determine the minimum amount a student should be saving each month, we need to calculate the total cost of attending a 2-year public institution for two years.
The average annual cost to attend a 2-year public institution is $3900.
Therefore, the total cost for two years would be $3900 x 2 = $<<3900*2=7800>>7800.
If the goal is to cover this cost after 3 years of investment, the student needs to save enough money in 3 years to cover $7800.
To find the minimum amount the student should be saving each month, we divide the total amount by the number of months (3 years = 36 months):
$7800 / 36 = $<<7800/36=216.67>>216.67
Therefore, the minimum amount a student should be saving each month is $216.67. Rounding it up to the nearest whole number, the student should save at least $300 each month.