Christian has been saving up $170 monthly for college. The investment
account set up for him has a 3.75%
annual interest rate, compounded
monthly.
If Christian invests $170 monthly
over a 4-year period, he will have a
total amount of $8,816.47. On
average, the annual cost of a 2-year
public institution in the 2020-2021
academic year is $3,900.
Would this be enough for Christian
to cover the cost of 2 years at a 2-
year public institution? If Christian
were to save the money without
gaining any interest, approximately
how long would it take him to reach
$8,816.47?
A) No, $8,816.49 is not enough
to cover the cost of 2 years at
a 2-year public institution.
Without earning interest, it
would take Christian
approximately 4 years and 4
months to save up $8,816.47.
B) Yes, $8,816.49 is enough to
cover the cost of 2 years at a
2-year public institution.
Without earning interest, it
would take Christian
approximately 4 years and 4
months to save up $8,816.47.
C) Yes, $8,816.49 is enough to
cover the cost of 2 years at a
2-year public institution.
Without earning interest, it
would take Christian the
same 4 years to save up
$8,816.47.
D) No, $8,816.49 is not enough
to cover the cost of 2 years at
a 2-year public institution.
Without earning interest, it
would take Christian the
same 4 years to save up
$8,816.47.
The correct answer is D) No, $8,816.49 is not enough to cover the cost of 2 years at a 2-year public institution. Without earning interest, it would take Christian the same 4 years to save up $8,816.47.
Alvin wants to become a
hairdresser. He can save $250 a
month for two years, and his family
has promised to help him with the
rest. His training will cost $9,500.
How much will his family have to
рау? (1 point)
To find out how much Alvin's family will have to pay, we need to subtract the amount Alvin can save from the total training cost.
Amount Alvin can save in two years = $250/month x 12 months/year x 2 years = $6,000
Amount Alvin's family will have to pay = Total training cost - Amount Alvin can save
= $9,500 - $6,000
= $3,500
Therefore, Alvin's family will have to pay $3,500.
Jefferson stops by a fast-food
restaurant for a $3.50 cheeseburger
every day. If he only ate at home
and eliminated this cost, how much
could he save after 10 weeks?
To find out how much Jefferson could save after 10 weeks by eliminating the cost of a $3.50 cheeseburger every day, we need to calculate the total cost of the cheeseburgers and then subtract that amount from his total savings.
Cost of a cheeseburger per day = $3.50
Number of days in 10 weeks = 10 weeks x 7 days/week = 70 days
Total cost of the cheeseburgers = Cost of a cheeseburger per day x Number of days
= $3.50 x 70
= $245
Therefore, Jefferson could save $245 after 10 weeks by eliminating the cost of the cheeseburger.
Analyzing the situation for financial
responsibility, what is the most
immediate threat to your finances
from playing online video games?
(1 point)
A) spending too much time
playing
B) losing track of microtransactions while playing online
C) Neglecting your studies
D) downloading an expensive
game