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

Given↷

• Total cost for a state school ⇢$72,000
• Amount Julia's family has saved⇢$50,000
• Amount her family is going to save per month ⇢$250
• Julia's current age⇢14

To find ↷

• Amount of money Julia will need in financial aid to pay for her education

Answer↷

• $10,000

Solution ↷

Let the amount of money she needs in addition to pay for her education be ,'x'.

Then,

According to the question,

Amount they have saved + amount they're going to save per month for next 4 years + the financial aid = Total amount they need

• $50,000+ $250 x 12 x 4 + x = $72,000
• $50,000 + $12,000 + x = $72,000
• $62,000 + x = $72,000
• x = $72,000-$62,000
• x = $10,000

Answer 2

4 years :-

• 4(12)
• 48months

Monthly save:-$ 250

Yearly save:-

• 250(12)
• 3000$

Save for 4years:-

• 3000(4)=12000$

Total amount=50000+12000=62000$

Amount of financial aid:-

• 72000-62000
• 10000$