Question

or 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

Total 4-year cost = $14,895.00 × 4 = $59,580.00
Your share (5%) = 0.05 × $59,580.00 = $2,979.00
Per year = $2,979.00 ÷ 4 = $744.75

$744.75 /yr