kierra is planning to attend college in the next 4 years. she is looking between the following options for…

kierra is planning to attend college in the next 4 years. she is looking between the following options for school.\nten years ago, kierras parents put $3,500 into a simple - interest account earning 5%. over the next 4 years, they will save an additional $400 each month for her college expenses. which schools will kierra be able to afford for the first year?

kierra is planning to attend college in the next 4 years. she is looking between the following options for school.\nten years ago, kierras parents put $3,500 into a simple - interest account earning 5%. over the next 4 years, they will save an additional $400 each month for her college expenses. which schools will kierra be able to afford for the first year?

Answer

Explanation:

Step1: Calculate the simple - interest amount

The simple - interest formula is $I = Prt$, where $P=$3500$, $r = 0.05$ (5% as a decimal), and $t = 10$ years. $I=3500\times0.05\times10=$1750$ The total amount in the account from the initial deposit is $A_1=P + I=3500 + 1750=$5250$.

Step2: Calculate the amount saved in the next 4 years

They save $$400$ per month for 4 years. There are $4\times12 = 48$ months. The amount saved in the next 4 years is $A_2=400\times48=$19200$.

Step3: Calculate the total available amount

The total available amount for the first - year of college is $A = A_1+A_2=5250 + 19200=$24450$.

Step4: Compare with college costs

Blinn College costs $$6230$ per year, which is less than $$24450$. Sam Houston State University costs $$18752$ per year, which is less than $$24450$. Louisiana State University costs $$28631$ per year, which is greater than $$24450$. Rice University costs $$54960$ per year, which is greater than $$24450$.

Answer:

Blinn College, Sam Houston State University