michael will attend college in 5 years. he anticipates he will need $19,000 to pay for the first year. he…

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.\nwithout 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?\n$200\n$350\n$500\n$650

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.\nwithout 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?\n$200\n$350\n$500\n$650

Answer

Explanation:

Step1: Calculate the remaining amount needed

The amount needed is (19000) and he already has (6400). The remaining amount (A) is (A = 19000 - 6400). [A=19000 - 6400=12600]

Step2: Calculate the number of months

There are (5) years. Since (1) year has (12) months, the number of months (n) is (n=5\times12 = 60)

Step3: Calculate the monthly deposit

Let the monthly deposit be (x). Using the formula (x=\frac{A}{n}), substitute (A = 12600) and (n = 60) [x=\frac{12600}{60}=210] (210) is closest to (200)

Answer:

A. ($200)