Question

Arthur is 10 years old. Tuition for one year at a public two-year college is $3,125. In 8 years, tuition is expected to increase 32%. Arthur’s family plans to save for his college costs for 5 years. If the family saves $75 per month, will there be enough money to pay for the expected cost of one year at the college when he is 18?
No, they would need to save about $30 more per month to have enough money.

No, they would need to save about $15 more per month to have enough money.

Yes, they could save about $5 less per month and still have enough money.

Yes, they could save about $30 less per month and still have enough money.

Answer 1

Answer:

They could save about $5 less per month and still have enough money.

Step-by-step explanation:

Tuition for one year at a public two-year college is $3,125.

In 8 years, tuition is expected to increase 32%.

Arthur is 10 years old.

He will join college at 18 .

So, His tuition fees is expected to increase 32%.

So, tuition fee of one year for him=$3125+32\% \times 3125$

                                                       =$4125$

Arthur’s family plans to save for his college costs for 5 years.

1 year = 12 months

5 years = 1285 = 60 months

So, the family need to save in 1 month = $\frac{4125}{60}$

                                                                = $68.75$

So, they need to save 68.75

We are given that  the family saves $75 per month

Difference = 75-68.75=$6.25

So, They could save about $5 less per month and still have enough money.

Option C is correct.                                                          

Answer 2

Yes, they could save about $5 less per month and still have enough money.