Question

This year, the annual tuition at a public four-year university is $5,290. Next year when Jarrod attends his first year, the tuition is expected to increase 4.5%. Jarrod has 1 year to save the amount of money equal to the tuition for his first year. What is the approximate minimum amount Jarrod should save monthly?

Choices:
A- $441
B- $461
C- $553
D- $639

Answer 1

The answer is B, 461$

Answer 2

Answer:

The answer is: B) $461

Explanation:

Next year tuition for a public university will be approximately $5,528.05:

next year's tuition = current tuition x (1 + 4.5%) = $5,290 x 1.045

If Jarrod wants to save enough money to pay for it, he needs to save approximately $461 per month (= $5,528.05 / 12).