Cost of College Tuition

[mathdad]

You are going to a 4-year college in 4 years that will cost $14,895.00 per year. Your parents expect you to pay 5 percent of the total cost.

A. How much do you need to pay for each year of attending?

Let P = what parents expect you to pay of the total cost for each year.

P = (0.05)(14,985)

P = 744.75

B. If you want to save your total contribution for all four years before you start attending college, how much do you need to save each month if you have four years to accomplish your goal?

Let T = total contribution for all 4 years.

T = 744.75 x 4

T = 2,979

Each year has 12 months. So, 12 x 4 = 48 months.

Let S = what you must save each month for 4 years.

S = T/48

S = 744.75/ 48

S = 15.515625

Round off to two decimal places to get
S = 15.52

 

[tkhunny]

Try again. What are you accumulating? You seem to have accumulated the parental portion.

Let's see: 15.52 * 48 = 744.96. Also no good. You accumulated only one year!

This is what one might mean by "Check Your Answers". It should make sense. Give it another go.

 

[Harry_the_cat]

Try again. What are you accumulating? You seem to have accumulated the parental portion.

Let's see: 15.52 * 48 = 744.96. Also no good. You accumulated only one year!

This is what one might mean by "Check Your Answers". It should make sense. Give it another go.

I think you have misread the question. The student pays 5% not the parents

You are going to a 4-year college in 4 years that will cost $14,895.00 per year. Your parents expect you to pay 5 percent of the total cost.

A. How much do you need to pay for each year of attending?

Let P = what parents expect you to pay of the total cost for each year.

P = (0.05)(14,985)

P = 744.75

B. If you want to save your total contribution for all four years before you start attending college, how much do you need to save each month if you have four years to accomplish your goal?

Let T = total contribution for all 4 years.

T = 744.75 x 4

T = 2,979

Each year has 12 months. So, 12 x 4 = 48 months.

Let S = what you must save each month for 4 years.

S = T/48

S = 744.75/ 48

S = 15.515625

Round off to two decimal places to get
S = 15.52

Rethink your line S = 744.75/ 48. The numerator shoud be ??

 

[tkhunny]

I think you have misread the question. The student pays 5% not the parents

Good call. Not the number the federal grant people always want. Wealthy parents.

 

[mathdad]

Good replies. I will try again on paper only.