carly will be going to college in 3 years. she anticipates that she will need $12,000 to pay for the first…

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?\n$150\n$250\n$350\n$450

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?\n$150\n$250\n$350\n$450

Answer

Explanation:

Step1: Calculate remaining amount

The amount needed is $12000$ and she already has $2900$. So the remaining amount $A$ is $A = 12000 - 2900=9100$.

Step2: Calculate number of months

There are 3 years, and since 1 year has 12 months, the number of months $n$ is $n = 3\times12 = 36$.

Step3: Calculate monthly deposit

The monthly deposit $d$ is $d=\frac{9100}{36}\approx252.78$.

Answer:

$250$ (closest to the calculated value among the options)