Question

Julia's family wants to save for her four-year college education. After some research, they

estimate that the total cost for a state school will be about $72,000. They have saved $50,000
so far, and Julia is 14 years old. If her family saves $250 a month for the next 4 years, how much
money will Julia need in financial aid to pay for her education?

Answer 1

She will need $10000 in financial aid

Explanation:

Step 1: Determine the money in 4 yeras

$250 a month * (4 years * 12 months per year)

$250 a month * (48 months)

$12000

Step 2: Determine the total amount

$50000 + $12000

$62000

Step 3: Determine the difference

$72000 - $62000

$10000

Answer: She will need $10000 in financial aid

Answer 2

She will need $10000 in financial aid

Explanation:

Step 1: Determine the money in 4 yeras

$250 a month * (4 years * 12 months per year)

$250 a month * (48 months)

$12000

Step 2: Determine the total amount

$50000 + $12000

$62000

Step 3: Determine the difference

$72000 - $62000

$10000

Answer: She will need $10000 in financial aid