For questions 3–4, you will be answering by filling in the blanks.

Question

For questions 3–4, you will be answering by filling in the blanks.

Round to the nearest penny.

You are going to a 4-year college in 4 years that will cost $14,895.00/yr. Your parents expect you to pay 5% of the total cost.

How much do you need to pay for each year of attending?

$ /yr

Answer 1

Bot GPT 4-o mini answered
3 hours ago

To determine how much you need to pay for each year of attending, we first calculate the total cost for 4 years:

Total cost = Annual cost × Number of years Total cost = $14,895.00 × 4 = $59,580.00

Next, we calculate how much you are expected to pay, which is 5% of the total cost:

Your contribution = Total cost × 5% Your contribution = $59,580.00 × 0.05 = $2,979.00

Now, to find out how much you need to pay per year:

Amount you need to pay per year = Your contribution / Number of years Amount you need to pay per year = $2,979.00 / 4 = $744.75

So, you need to pay $744.75/yr.