Question

The annual tuition at a public two year college last year was $3200. for the new school year, elizabeth first year in college the tuition is expected to increase 5%. she saved the same amount monthly to prepare for the cost of her tuition. what is the minimum amount elizabeth should have saved monthy during the previous year?

Answer 1

I think we're being asked how much does Elizabeth save per month so that after a year she has 5% more than $3200. That's


`(1.05 * 3200)/(12) = \$280` per month

Answer 2

The correct answer is:

$280 per month.

Step-by-step explanation:

Increasing the tuition by 5% means taking 100% of the original number plus an additional 5%; 100+5 = 105% of the original amount.

105% = 105/100 = 1.05; to find 105% of 3200 we multiply it by 1.05:

3200(1.05) = 3360

Since she saved the same amount monthly, we divide the expected total by 12 to find this amount:

3360/12 = 280