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

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**.