Tuition for one year at a state university is about $30,000. Nyella would like to attend this university and will save money each month for the next 3 years. Her parents will give her $12,500 for her first year of tuition. What plan shows the minimum amount of money Nyella must save to have enough money to her first year of tuition?

Question

A Save $833.33 per month for 3 years
B Save $486.11 per month for 3 years
C Save $1,180.56 per month for 3 years
D Save $364.58 per month for 3 years

Answer 1

The total amount that Nyella needs for her first year of tuition is $30,000. Her parents are giving her $12,500, so she will need to save the remaining amount.
The minimum amount of money Nyella must save to have enough money for her first year of tuition is $30,000 - $12,500 = $17,500.

To calculate the monthly savings, divide the total amount that needs to be saved by the number of months in 3 years (36 months): $17,500 / 36 = $486.11.

Therefore, the correct plan is B: Nyella needs to save $486.11 per month for the next 3 years to have enough money for her first year of tuition.

Answer 2

are you sure?

Answer 3

Apologies for the confusion. Let's go through the calculation again.

The total amount Nyella needs for her first year of tuition is $30,000. Her parents are providing $12,500, so she needs to save the remaining amount: $30,000 - $12,500 = $17,500.

To determine the minimum amount Nyella must save each month, divide the total amount she needs to save by the number of months in 3 years (36 months): $17,500 / 36 = $486.11 (rounded to the nearest cent).

Therefore, the correct plan is B: Nyella needs to save $486.11 per month for the next 3 years to have enough money for her first year of tuition.