The table shows the predicted cost of the first year of college at a private school six years from now. CategoryPredicted Costtuition$36,620room and board$12,900books and fees$2,450transportation$3,100other$1,330.Emily is using the table to determine the minimum amount of money she should save monthly if she is to have enough money to pay for her first year of college. She anticipates receiving $6,000 in grants and has 6 years to save in a college savings account. Without including any interest earned, what is a reasonable estimate of the amount Emily and her family should save each month for the next 6 years to pay for her first year of college?
Add the predicted costs: $36,620 + $12,900 + $2,450 + $3,100 + $1,330 = $56,400. After subtracting the $6,000 in grants, Emily needs to save $50,400. Six years is 72 months, and $50,400 ÷ 72 = $700 per month, so the reasonable estimate is $700.
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