Ronald’s parents have $35,000 saved and want to save a total of $125,000 for Ronald to go to college. Ronald’s parents began saving when Ron

Question

Ronald’s parents have $35,000 saved and want to save a total of $125,000 for Ronald to go to college. Ronald’s parents began saving when Ronald was born and plan to save until he is 18 years old. Ronald is 5 years old now. About how much money do Ronald’s parents need to save each month?

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Kim Cúc 5 years 2021-07-22T10:47:46+00:00 1 Answers 58 views 0

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  1. King
    0
    2021-07-22T10:49:38+00:00
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    Answer:

    Money need to save each month  = $576.92 each month

    Step-by-step explanation:

    Given:

    Amount of money need to save = $125,000 – $35,000 = $90,000

    Number of year remain = 18 – 5 = 13 year

    Number of months = 13 x 12 = 156 months

    Find:

    Money need to save each month

    Computation:

    Money need to save each month = 90,000 / 156

    Money need to save each month  = $576.92 each month

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