mallory estimates that college will cost $18,...
mallory estimates that college will cost $18,430 per year, and it will take her 4 years to obtain her degree. mallorys parents have agreed to pay 75% of the cost, but she will have to pay the remaining. she has $12,458 in savings currently. how much does mallory need to save each month for 15 months to be able to pay for all 4 years of college? enter the correct answer in the box. round to the nearest hundredth, and do not include a dollar sign in your answer.
Answer
# Explanation:
## Step1: Calculate total college cost
The cost per year is $18430$ and for 4 years, the total cost $C = 18430\times4=73720$.
## Step2: Find the amount Mallory has to pay
Her parents pay 75%, so she pays $(1 - 0.75)$ of the total cost. The amount she pays $A=73720\times(1 - 0.75)=73720\times0.25 = 18430$.
## Step3: Calculate the remaining amount she needs to save
She has $12458$ in savings. The remaining amount $R=18430 - 12458=5972$.
## Step4: Calculate the monthly - savings amount
She has 15 months to save. The monthly - savings amount $M=\frac{5972}{15}\approx398.13$.
# Answer:
398.13