Ulia is planning to attend the same private four-year college her parents attended. she wants to save at least $18,000 in four years to contribute to her college education. which monthly deposit amounts can julia use to achieve her goal? check all that apply.
375, 425 and 500
The correct answer is : $375
Amount of money Julia needs to save = $18000
Time taken to save this amount = 4 years
And 1 year has 12 months, so 4 years has = 12*4=48 months
It has been asked which monthly deposit amount can be used, so to get the answer we will divide the total amount by total number of months.
Hence, Julia needs to save $375 for 4 years in order to save $18000.