is this plan financially responsible? saving $20 each month to cover the first year of college expenses
is this plan financially responsible? saving $20 each month to cover the first year of college expenses
Answer
Explanation:
Step1: Calculate total savings in a year
To find the total amount saved in one year, we multiply the monthly savings by the number of months in a year. There are 12 months in a year, and the monthly savings is $20. So the total savings $S$ is calculated as $S = 20\times12$. $S = 240$
Step2: Evaluate if this covers college expenses
Typically, the first - year college expenses (including tuition, fees, room, board, etc.) are much higher than $240. For example, even for a relatively inexpensive community college, the annual cost can be several thousand dollars. So saving $20 per month for a year will not be enough to cover the first - year college expenses.
Answer:
No