Question

To save at least $15,000 in 5 years, which monthly deposit is the minimum amount an eighth grader and his family should plan to save for college? $50 $150 $250 $350

Answer 1

Answer:

the answer is C. $250

Answer 2

The first thing we are going to do is convert 5 years to months. We know that there are 12 month in a year, so we just need to multiply 5 by 12 to get the number of months in 5 year:
$12*5=60$

Now we just need to divide the total projected savings ($15000) by the number of months in 5 years (60):
Minimum savings per month: $\frac{15000}{60} =250$

We can conclude that the minimum monthly deposit the family should make is they want to save $15000 in 5 years is $250