Question

Carly will be going to college in 3 years. she anticipates that she will need $12,000 to pay for the first year. she currently has $2,900 in a savings account. without including any interest earned, what is a reasonable estimate of the amount carly needs to deposit into the savings account per month over the next 3 years to be able to pay for her first year of college?

Answer 1

12000 - 2900 = 9100

9100 / 36 = 252.77.....about 253 per month

Answer 2

Carly needs to deposit $252.78 every month during 3 years to pay for her first year of college.

Explanation:

First we have to know how much is the amount of money that Carly needs to complete the $12,000, this is:

`Need=12,000-2,900=9,100`

She will have to save $9,100 in 3 years (this are 36 months), now we can calculate the amount of money that she have to save every month dividing the money by the number of months:

`SaveMonth=(9,100)/(36) =252.78`

Carly needs to deposit $252.78 every month during 3 years to pay for her first year of college.