this year, the annual tuition at a public four - year university is $5,290. next year when jarrod attends…

this year, the annual tuition at a public four - year university is $5,290. next year when jarrod attends his first year, the tuition is expected to increase 4.5%. jarrod has 1 year to save the amount of money equal to the tuition for his first year. what is the approximate minimum amount jarrod should save monthly?\n$441\n$461\n$553\n$639

this year, the annual tuition at a public four - year university is $5,290. next year when jarrod attends his first year, the tuition is expected to increase 4.5%. jarrod has 1 year to save the amount of money equal to the tuition for his first year. what is the approximate minimum amount jarrod should save monthly?\n$441\n$461\n$553\n$639

Answer

Explanation:

Step1: Calculate the increased - tuition amount

The formula for percentage increase is $A = P(1 + r)$, where $P$ is the original amount, $r$ is the rate of increase. Here, $P=$5290$ and $r = 0.045$. So, $A=5290\times(1 + 0.045)=5290\times1.045=$5528.05$.

Step2: Calculate the monthly - savings amount

There are 12 months in a year. To find the monthly savings amount $M$, we divide the total amount $A$ by 12. So, $M=\frac{5528.05}{12}\approx$460.67\approx$461$.

Answer:

$461$ (corresponding to the second option)