Question

2. Higher Order Thinking Jordan needs

$9,240 for her first year of college tuition
Each of her two grandfathers said they
would match what she saves. She has
8 years before she goes to college.
How much does Jordan need to save
on her own each year to have enough
for her first year with the help from her
two grandfathers?

Answer 1

If each of her two grandfathers will match what she saves that’s 3 people, including Jordan that are splitting the cost of college. So over the course of 8 years, Jordan must save 1/3 of the total cost of college. Therefore she must save 1/8 * 1/3 of the cost each year. Equivalently stated, she must save 1/24 or $385 each year.