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? $267 $280 $308 $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? $267 $280 $308 $400

Answer

Explanation:

Step1: Calculate new - year tuition

The tuition last year was $3200. It is expected to increase by 5%. The formula for the new - year tuition $T$ is $T = 3200\times(1 + 0.05)$. $T=3200\times1.05 = 3360$.

Step2: Calculate monthly savings

There are 12 months in a year. To find the monthly savings $M$, we divide the total tuition by 12. The formula is $M=\frac{3360}{12}$. $M = 280$.

Answer:

$280$