ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Tuition for one year of college at a stateuniversity is about $13, 000. Clay will save money each month for the next four years. Clay’s parents will give him $5, 200 for his first year of tuition. Which plan shows the minimum amount of money Clay must save to have enough to pay for his firstyear of tuition?
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Save $270.83 per month for the next 4 years
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Save $162.50 per month for the next 4 years
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Save $650.00 per month for the next 4 years
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Save $108.33 per month for the next 4 years
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Explanation:
There is 1 question to complete.