Question

2.) Micheal will attend college in 5 years. He anticipates he will need $19,000 to pay for the first year. He currently has $6,400 in a savings account. Without including any interest earned, what is a reasonable estimate of the amount Micheal needs to deposit into his savings account each month over the next 5 years to be able to pay for his first year of college? A. $200 B. $350 C. $500 D. $650

Answer 1

19000 - 6400 = 12600
12600/5 = 2520 per year
2520/12 = 210 per month....so ur reasonable estimate (does not have to be exact answer) is 200