Shreyas needs $15,000 for his first year of tuition in college. He is going to be saving for the next three years. His parents give him $3800. What is the minimum amount of money Shreyas needs to save each month to have enough money?

Answer 1

Shreyas needs to save a total of $15,000 - $3,800 = $11,200 over the next three years.
There are 36 months in three years.
Therefore, Shreyas needs to save $11,200 / 36 = $311.11 per month.

Rounding up to the nearest cent, Shreyas needs to save a minimum of $311.12 per month to have enough money for his first year of tuition in college.