Question

Seth estimates that he will need about $9,100 for the first year of tuition for college. His grandparents will contribute 70% of the tuition expenses, and seth will need to save to pay for tthe rest. If seth has three years to save for his first year's contribution, what is the minimum amount that he should save each month?

Answer 1

Answer: $75.83

Explanation:

Seth needs $9,100 and his grandparents will pay 70% of this:

= 9,100 * 70%

= $6,370

The amount Seth has to save for is therefore:

= 9,100 - 6,370

= $2,730

He has 3 years to save for it and wants to save monthly. In months this is:

= 3 * 12

= 36 months

Minimum amount to save every month is:

= Amount to save/ Number of months

= 2,730 / 36

= $75.83