Examining a savings plan for college
Susan plans to attend college in 3 years. She will need for the first-year cost. Her uncle gave h
to use toward the cost. How much must Susan save each month to have enough for the first-ye

To determine how much Susan needs to save each month, we first find the difference between the total first-year cost and the amount her uncle gifted her. Subtracting from , we get . Now, since Susan has 36 months (3 years) to save this amount, we divide by 36. Therefore, Susan must save each month to reach her goal.

It’s important to keep in mind that starting early and sticking to a savings plan can make a big difference! Additionally, she might consider opening a high-yield savings account. This could allow her to earn some interest on her savings, reducing the amount she needs to set aside each month even further!