QuestionAugust 3, 2025

Caleb used the table to determine the minimum amount he should save each month to have enough money to pay for his first year of college. He anticipates receiving 4,500 in grants and he will live at home If he has 4 years to save, and places his money in an interest bearing college savings account what is the minimum Caleb and his family should save each month? 100 200 300 400

Caleb used the table to determine the minimum amount he should save each month to have enough money to pay for his first year of college. He anticipates receiving 4,500 in grants and he will live at home If he has 4 years to save, and places his money in an interest bearing college savings account what is the minimum Caleb and his family should save each month? 100 200 300 400
Caleb used the table to determine the minimum amount he should save each month to have enough money to pay for his first year of college. He anticipates receiving 4,500 in grants and he will live at home If he has 4 years to save, and places his money in an interest bearing college savings account what is the minimum Caleb and his family should save each month? 100 200 300 400

Solution
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Answer

\ 400 Explanation 1. Determine Total Cost for First Year Assume the total cost for the first year of college is C. Subtract the grant amount: C - 4500. 2. Calculate Total Savings Needed Divide the remaining cost by the number of months Caleb has to save. He has 4 years, which is 4 \times 12 = 48 months. 3. Evaluate Monthly Savings Options Compare each option (100, 200, 300, 400) to see which meets or exceeds the required monthly savings from Step 2.

Explanation

1. Determine Total Cost for First Year<br /> Assume the total cost for the first year of college is $C$. Subtract the grant amount: $C - 4500$.<br /><br />2. Calculate Total Savings Needed<br /> Divide the remaining cost by the number of months Caleb has to save. He has 4 years, which is $4 \times 12 = 48$ months.<br /><br />3. Evaluate Monthly Savings Options<br /> Compare each option ($100, $200, $300, $400) to see which meets or exceeds the required monthly savings from Step 2.
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