iman has 48 months to save $18,000, the maximum amount he estimates his first year of college will cost. he…

iman has 48 months to save $18,000, 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.\nwhat is the minimum amount he should save per month to achieve his goal?\n$350.00\n$375.00\n$425.00\n$450.00

iman has 48 months to save $18,000, 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.\nwhat is the minimum amount he should save per month to achieve his goal?\n$350.00\n$375.00\n$425.00\n$450.00

Answer

Explanation:

Step1: Analyze the relationship between total amount, time and monthly savings

The total amount to be saved is ( $18000), and the time is (48) months. Let the monthly savings be (x). The formula is (x=\frac{\text{Total amount}}{\text{Number of months}}).

Step2: Calculate the monthly savings

Substitute the values into the formula: (x = \frac{18000}{48}). [ \begin{align*} \frac{18000}{48}&=\frac{18000\div 12}{48\div 12}\ &=\frac{1500}{4}\ & = 375 \end{align*} ]

Answer:

($375.00)