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?
A Save $833.33 per month for 3 years
B Save $486.11 per month for 3 years
C Save $1,180.56 per month for 3 years
D Save $364.58 per month for 3 years
The total amount that Nyella needs for her first year of tuition is $30,000. Her parents are giving her $12,500, so she will need to save the remaining amount.
The minimum amount of money Nyella must save to have enough money for her first year of tuition is $30,000 - $12,500 = $17,500.
To calculate the monthly savings, divide the total amount that needs to be saved by the number of months in 3 years (36 months): $17,500 / 36 = $486.11.
Therefore, the correct plan is B: Nyella needs to save $486.11 per month for the next 3 years to have enough money for her first year of tuition.
are you sure?
Apologies for the confusion. Let's go through the calculation again.
The total amount Nyella needs for her first year of tuition is $30,000. Her parents are providing $12,500, so she needs to save the remaining amount: $30,000 - $12,500 = $17,500.
To determine the minimum amount Nyella must save each month, divide the total amount she needs to save by the number of months in 3 years (36 months): $17,500 / 36 = $486.11 (rounded to the nearest cent).
Therefore, the correct plan is B: Nyella needs to save $486.11 per month for the next 3 years to have enough money for her first year of tuition.