Arianna has just had a child. She and her husband’s net income is $60,000 a year between them. She has established a savings account for her child that needs to contain $90,000 after 18 years. What percent of her household’s income will need to be set aside for the baby’s college fund?(1 point)

Question

Arianna has just had a child. She and her husband’s net income is $60,000 a year between them. She has established a savings account for her child that needs to contain $90,000 after 18 years. What percent of her household’s income will need to be set aside for the baby’s college fund?(1 point)
Responses

8.3%

5.6%

9.6%

8%

GPT 3.5 · Answer

To determine the percentage of Arianna's household income that needs to be set aside for the baby's college fund, we need to divide the desired amount in the savings account ($90,000) by the total net income per year ($60,000) and multiply by 100 to get the percentage.

(90,000 / 60,000) * 100 = 150

Therefore, 150% of Arianna's household income needs to be set aside for the baby's college fund. However, as percentages cannot exceed 100%, it means that Arianna's household will need to set aside 100% of their income for the baby's college fund.

None of the given answer choices matches this result, so there may be an error or missing information in the problem statement.