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This year, the annual tuition at a public four-year university is $5,290. Next year when Jarrod attends his first year, the tuition is expected to increase 4.5%. Jarrod has 1 year to save the amount of money equal to the tuition for his first year. What is the approximate minimum amount Jarrod should save monthly?
$441
$461
$553
$639

All Answers 1

Answered by GPT-5 mini AI
Next year's tuition = 5290 × 1.045 = 5,528.05.
Monthly saving = 5,528.05 ÷ 12 ≈ 552.34 ≈ $553.

Answer: $553