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? $200 $350 $500 $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? $200 $350 $500 $650

Answer

Explanation:

Step1: Calculate the remaining amount

$19000 - 6400=12600$

Step2: Calculate the number of months

$5\times12 = 60$

Step3: Calculate the monthly deposit

$\frac{12600}{60}=210$ The closest reasonable estimate among the options is $200$.

Answer:

$200$