michael will attend college in 5 years. he anticipates he will need $19,000 to pay for the first year. he…

michael will attend college in 5 years. he anticipates he will need $19,000 to pay for the first year. he currently has $6,400 in a savings account. without including any interest earned, what is a reasonable estimate of the amount michael needs to deposit into his savings account each month over the next 5 years to be able to pay for his first year of college?\n$200\n$350\n$500\n$650

michael will attend college in 5 years. he anticipates he will need $19,000 to pay for the first year. he currently has $6,400 in a savings account. without including any interest earned, what is a reasonable estimate of the amount michael needs to deposit into his savings account each month over the next 5 years to be able to pay for his first year of college?\n$200\n$350\n$500\n$650

Answer

Explanation:

Step1: Calculate the remaining amount

First, find out how much more money Michael needs. Subtract the current amount in savings from the amount needed for college. The amount needed is $19000$ and the current savings is $6400$. So the remaining amount $A$ is $A = 19000 - 6400=12600$.

Step2: Calculate the number of months

There are 5 years until college. Since there are 12 months in a year, the number of months $n$ is $n = 5\times12 = 60$.

Step3: Calculate the monthly deposit

To find the monthly deposit $m$, divide the remaining amount by the number of months. So $m=\frac{12600}{60}=210$. The closest reasonable estimate among the options is $$200$.

Answer:

A. $200$