carly will be going to college in 3 years. she anticipates that she will need $12,000 to pay for the first…

carly will be going to college in 3 years. she anticipates that she will need $12,000 to pay for the first year. she currently has $2,900 in a savings account. without including any interest earned, what is a reasonable estimate of the amount carly needs to deposit into the savings account per month over the next 3 years to be able to pay for her first year of college? $150 $250 $350 $450

carly will be going to college in 3 years. she anticipates that she will need $12,000 to pay for the first year. she currently has $2,900 in a savings account. without including any interest earned, what is a reasonable estimate of the amount carly needs to deposit into the savings account per month over the next 3 years to be able to pay for her first year of college? $150 $250 $350 $450

Answer

Explanation:

Step1: Calculate total months

There are 3 years and 1 year has 12 months, so total months $n = 3\times12=36$ months.

Step2: Calculate remaining amount

She needs $12000$ and has $2900$ already. So remaining amount $A=12000 - 2900=9100$.

Step3: Calculate monthly deposit

Let monthly deposit be $x$. We know $A = x\times n$. So $x=\frac{A}{n}=\frac{9100}{36}\approx252.78$. A reasonable estimate close to this value from the options is $$250$.

Answer:

$250$