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.\n\nwithout 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.\n\nwithout 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 total needed savings gap

$$19,000 - $6,400 = $12,600$

Step2: Calculate total months in 5 years

$5 \times 12 = 60$ months

Step3: Estimate monthly deposit

$\frac{$12,600}{60} = $210$

Step4: Match to closest option

$$210$ is closest to $$200$

Answer:

A. $200