Answer:
(a) $14,912 saved
(b) $58,000 aid needed
Explanation:
(a)
Nola is saving $200 each month. That means she will have saved 60 times that amount after 60 months:
60 × $200 = $12,000
When she adds that to her current savings she will have saved a total of ...
$12,000 +2,912 = $14,912 . . . by the time she starts college
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(b)
The figure is telling you Nola will need $72,912 for 4 years of college. If she funds $14,912 from her own savings, then she will need an additional amount of ...
$72,912 -14,912 = $58,000 . . . . amount of financial aid needed