the annual tuition at a public two - year college last year was $3,200. for the new school year, elizabeths…

the annual tuition at a public two - year college last year was $3,200. for the new school year, elizabeths first year in college, the tuition is expected to increase 5%. she saved the same amount monthly to prepare for the cost of her tuition. what is the minimum amount elizabeth should have saved monthly during the previous year?\n$267\n$280\n$308\n$400

the annual tuition at a public two - year college last year was $3,200. for the new school year, elizabeths first year in college, the tuition is expected to increase 5%. she saved the same amount monthly to prepare for the cost of her tuition. what is the minimum amount elizabeth should have saved monthly during the previous year?\n$267\n$280\n$308\n$400

Answer

Explanation:

Step1: Calculate the new - year tuition

The tuition increases by 5%. The formula for the new amount after a percentage increase is $A=(1 + r)P$, where $r$ is the rate of increase and $P$ is the original amount. Here, $P = 3200$ and $r=0.05$. So, $A=(1 + 0.05)\times3200=1.05\times3200 = 3360$.

Step2: Calculate the monthly - savings amount

There are 12 months in a year. To find the monthly - savings amount $m$, we divide the total tuition amount $A$ by 12. So, $m=\frac{3360}{12}=280$.

Answer:

$280$