2
QuizMultiple Choice

Understanding College Savings

Question 2 • * HSA 26-27 Economics

Annika is attending college next year. She just got information on the college costs and the financial aid package the college is offering. Annika knows her parents can contribute $7,500 each year.Annika’s College Costs & Financial Aid Package per YearCostsFinancial Aid PackageTuition & FeesGrants & Scholarship$21,500$10,500Room & BoardWork-Study$13,500$9,000How much will Annika need to pay each year from her own savings and from loans?

Answer
A
$8,000
B
$8,000
C
$11,000
D
$11,000
E
$15,500
F
$15,500
G
$17,000
H
$17,000

Explanation

Annika’s total yearly costs are $21,500 + $13,500 = $35,000. Subtract her $10,500 in grants and scholarships, $9,000 in work-study, and her parents’ $7,500 contribution: $35,000 − $10,500 − $9,000 − $7,500 = $8,000. She needs $8,000 from her own savings and loans, matching the choice “$8,000.”

AI-written and checked against the verified answer.

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