kendra has 14k in a college savings account. tuition for her first year of college will cost 12k, and for her second year the cos of tuition wil increase to 13k. kendra plans to save 400 each month

how many months till the payment for the two years of tuition

1 answer

To determine how many months it will take Kendra to save enough money to cover the tuition for her first and second years of college, we need to calculate the total cost of tuition and how much she will save each month.

  1. Total Tuition Cost:

    • First year: $12,000
    • Second year: $13,000
    • Total Tuition = $12,000 + $13,000 = $25,000
  2. Initial Savings:

    • Kendra currently has $14,000 in her savings account.
  3. Amount Needed:

    • Total amount needed = Total Tuition - Initial Savings
    • Amount needed = $25,000 - $14,000 = $11,000
  4. Monthly Savings:

    • Kendra plans to save $400 each month.
  5. Months Needed to Save:

    • Number of months needed = Amount needed / Monthly savings
    • Months needed = $11,000 / $400 = 27.5 months

Since Kendra cannot save for a fraction of a month, we round up the total months. Therefore, Kendra will need 28 months to save enough money for her college tuition.