Planning for the Cost of College — Quiz Answers

The annual tuition at a public two-year college last year was 3 dollars comma 200 For the new school year, Elizabeth’s first year in college, the tuition is expected to increase 5 percent She saved the same amount monthly to prepare for the cost of her tuition. What is the minimum amount Elizabeth should have saved monthly during the previous year?

In his first school year, Leo contributed 13 dollars comma 468 toward college expenses. In his second school year, the expenses are expected to increase by 4 percent What is the approximate minimum amount Leo should expect to contribute in his second school year?

Michael will attend college in 5 years. He anticipates he will need $19,000 to pay for the first year. He currently has $6,400 in a savings account. Without including any interest earned, what is a reasonable estimate of the amount Michael needs to deposit into his savings account each month over the next 5 years to be able to pay for his first year of college?

Carly will be going to college in 3 years. She anticipates that she will need $12,000 to pay for the first year. She currently has $2,900 in a savings account. Without including any interest earned, what is a reasonable estimate of the amount Carly needs to deposit into the savings account per month over the next 3 years to be able to pay for her first year of college?

Iman has 48 months to save 18 dollars comma 000 , the maximum amount he estimates his first year of college will cost. He does not want to depend on interest, and does not consider interest when determining his minimum monthly savings goal. What is the minimum amount he should save per month to achieve his goal?

Eric wants to attend a public four-year university. He estimates that the average cost of one year at this university is $19,500. He can save at most $325 a month. Without factoring in interest, grants, or scholarships, what is the minimum number of months he needs to save in order to be able to pay for one year of college?

The total estimated cost of attending a public two-year college in Hasani’s home town last year was 2 dollars comma 265 The cost of attending the college is expected to increase 5 percent annually. Hasani plans to enter the college this year and attend for 2 years. Which is the best estimate for the total cost Hasani will pay for only his second year?

Arthur is 10 years old. Tuition for one year at a public two-year college is 3 dollars comma 125 In 8 years, tuition is expected to increase 32 percent Arthur’s family plans to save for his college costs for 5 years. If the family saves 75 dollars per month, will there be enough money to pay for the expected cost of one year at the college when he is 18 ?

Marco predicts he will have $18,750 in expenses for one year of college. He expects to receive $3,450 in grants annually. How much will Marco need to contribute to one semester of his education?

The Hartman family is saving $400 monthly for Ronald’s college education. The family anticipates they will need to contribute $20,000 toward his first year of college, which is in 4 years. Which best explains whether the family will have enough money in 4 years?