Question

Julieta wants to attend a 4-year private university that costs $40,000 per year for tuition. Her parents plan to contribute a quarter of her tuition each year. If she received financial aid that covers 25% of her tuition, in addition to a scholarship for $5,000. How much money will Julieta need to save each year over the next 3 years before her first year?

Answer 1

$5,000

Explanation:

First, you have to determine the total amount of money she needs to save to cover the cost of the tuition by subtracting the financial aid, the scholarship and the amount her parents plan to contribute from the total cost of the tuition:

40,000-(40,000/4)-(40,000*25%)-5,000

40,000-10,000-10,000-5,000

40,000-25,000= 15,000

She needs to save a total amount of 15,000. Then, you need to divide this amount by 3:

15,000/3= $5,000

Julieta will need to save $5,000 each year over the next 3 years before her first year.