to save at least $15,000 in 5 years, which monthly deposit is the minimum amount an eighth grader and his…

to save at least $15,000 in 5 years, which monthly deposit is the minimum amount an eighth grader and his family should plan to save for college?\n$50\n$150\n$250\n$350

to save at least $15,000 in 5 years, which monthly deposit is the minimum amount an eighth grader and his family should plan to save for college?\n$50\n$150\n$250\n$350

Answer

Explanation:

Step1: Calculate total months

There are 12 months in a year, and the time - period is 5 years. So the total number of months $n = 12\times5=60$ months.

Step2: Calculate monthly deposit

Let the monthly deposit be $x$. We want to save at least $15000$ in 60 months. So we use the formula $15000\div n=x$. Substituting $n = 60$ into the formula, we get $x=\frac{15000}{60}=250$.

Answer:

C. $250$