Question

Tracey is planning on attending a Four Year University and wants the first two years paid off before she goes to school. Her parents plan on paying 81% of the costs, and Tracey has to pay the rest. Tracey has 3.5 years to save up. What is the minimum amount of money Tracey must save up each month in order to have the first two years paid off?

A. $250
B. $333.33
C. $500
D. $650

Answer 1

The answer is not any of the options A, B, C, or D provided. To find the minimum amount of money Tracey must save up each month to have the first two years of a Four Year University paid off, we need to calculate the remaining percentage she has to pay and divide it by the number of months in 3.5 years.

Step-by-step explanation:

To find the minimum amount of money Tracey must save up each month, we need to calculate the remaining percentage she has to pay. Since her parents are paying 81%, Tracey has to pay the remaining 19%. Since she has 3.5 years to save up, we need to divide the total cost of the first two years by the number of months in 3.5 years.

Let's assume the total cost of the first two years is X. So Tracey has to save up 19% of X over 42 months. This can be calculated by dividing 0.19X by 42. Therefore, the minimum amount of money Tracey must save up each month is 0.0045X.

Since we don't have the exact value of X, we cannot calculate the exact monthly amount Tracey needs to save up. However, it is clear that the answer is not any of the options A, B, C, or D provided.