in his first school year, leo contributed $13,468 toward college expenses. in his second school year, the…

in his first school year, leo contributed $13,468 toward college expenses. in his second school year, the expenses are expected to increase by 4%. what is the approximate minimum amount leo should expect to contribute in his second school year?\n$13,472\n$13,868\n$14,007\n$18,855

in his first school year, leo contributed $13,468 toward college expenses. in his second school year, the expenses are expected to increase by 4%. what is the approximate minimum amount leo should expect to contribute in his second school year?\n$13,472\n$13,868\n$14,007\n$18,855

Answer

Explanation:

Step1: Calculate the increase amount

The increase rate is (4%=0.04). The increase amount is (13468\times0.04). [13468\times0.04 = 538.72]

Step2: Calculate the second - year contribution

The second - year contribution is the first - year contribution plus the increase amount. That is (13468+538.72). [13468 + 538.72=14006.72\approx14007]

Answer:

($14,007) (the third option)