This year, the annual tuition at a public four-year university is $5,290. Next year when Jarrod attends his first year, the tuition is expected to increase 4.5%. Jarrod has 1 year to save the amount of money equal to the tuition for his first year. What is the approximate minimum amount Jarrod should save monthly?
A- $441
B- $461
C- $553
D- $639

B. $461

Step-by-step explanation:

Annual tuition of the university = $5,290

If the tuition fee increases by 4.5% when Jarod attend his first year next year, the increment will give us;

4.5% of $5,290

= 4.5/100×5,290

= 23805/100

= $238.05

This means by next year the annual tuition will have increased by $238.05. The total tuition by then will be initial tuition fee + increment

= $5,290+$238.05

= $5528.05

If Jarrod has 1 year to save the amount of money equal to the tuition for his first year which is now equivalent to $5528.05 per year due to increment, the minimum amount Jarrod need to save monthly will give us;

$5528.05/12

= $460.67

The approximate amount will be $461

B. $461

Step-by-step explanation:

f

step-by-step explanation:

f

47

step-by-step explanation: