arthur is 10 years old. tuition for one year at a public two - year college is $3,125. in 8 years, tuition…

arthur is 10 years old. tuition for one year at a public two - year college is $3,125. in 8 years, tuition is expected to increase 32%. arthur’s family plans to save for his college costs for 5 years. if the family saves $75 per month, will there be enough money to pay for the expected cost of one year at the college when he is 18?\nno, they would need to save about $30 more per month to have enough money.\nno, they would need to save about $15 more per month to have enough money.\nyes, they could save about $5 less per month and still have enough money.\nyes, they could save about $30 less per month and still have enough money.

arthur is 10 years old. tuition for one year at a public two - year college is $3,125. in 8 years, tuition is expected to increase 32%. arthur’s family plans to save for his college costs for 5 years. if the family saves $75 per month, will there be enough money to pay for the expected cost of one year at the college when he is 18?\nno, they would need to save about $30 more per month to have enough money.\nno, they would need to save about $15 more per month to have enough money.\nyes, they could save about $5 less per month and still have enough money.\nyes, they could save about $30 less per month and still have enough money.

Answer

Explanation:

Step1: Calculate the expected tuition

The original tuition is $3125$. It is expected to increase by $32%$. The formula for the new amount after a percentage increase is (A = P(1 + r)), where (P) is the original amount and (r) is the rate of increase. Here, (P = 3125), (r=0.32) [A = 3125\times(1 + 0.32)=3125\times1.32 = 4125]

Step2: Calculate the amount saved

The family saves for (5) years. Since there are (12) months in a year, the number of months (n = 5\times12=60) The amount saved per month is (S = 75) The total amount saved (T=S\times n=75\times60 = 4500)

Step3: Analyze the difference

The amount saved (T = 4500) and the expected tuition (A = 4125) The difference between the amount saved and the tuition is (4500-4125 = 375) The extra amount per month (if we consider the 5 - year saving period) is (\frac{375}{60}=6.25\approx5) (approximate value for the purpose of checking the options)

Answer:

Yes, they could save about $5 less per month and still have enough money.