Question

Maya just turned 14 years old. Her parents started saving $350 each month for her college.

education when she was born. Her parents want to make sure there will be enough money in
her account by the time she turns 18 to cover tuition and expenses at an in-state, four-year
college. How much will Maya's parents need to raise their monthly contribution for the next 4
years if they want to save at least $80,000?

Answer 1

$91.66

Explanation:

We need to calculate how much they've saved so far. So we multiply 12 * 14 to get 168 months (14 years). Then we can multiply 350 by 168 to get $58,800.

We then subtract 58,800 from 80,000 to get 21,200 left to cover over 4 years. In 4 years, there are 48 months so we just divide 21,200 by 48 to get 441.66.

Subtract 350 from 441.66 to get 91.66.

We can check this by doing (350*168) + (441.66 * 48).

Hope this helps,

As always, correct me if I'm wrong

Answer 2

Given :-

Money saved by her parents each month = $350

Time = 14 years = 14 × 12 = 168 months

To find :-

How much money ger parents have to save in next 4 years to achieve the goal of $80,000

Total money saved in 14 years = 350 × 168 = $58,800

Total money left to achieve goal = 80,000 - 58,800

= $21,200

Money they have saved next 4 years in each month to achieve the goal

`= (21200)/(4 * 12) \\ = (21200)/(48) \\ = 441.6</u><u>9</u><u> </u><u>`

They need $441.69 each month to complete $80,000 for her college.