Tuition for one year at the Community College of Camelot costs $6,000 per year. Avalon would like to attend this college and will save money each month for the next 2 years in order to reach her goal. Her parents will contribute 50% for his first year's tuition. If Avalon also receives a local scholarship for $600, how much money will she need to save each month for the next 2 years to have enough money for her first year of college?

Monthly deposit= $92,51

Step-by-step explanation:

Giving the following information:

I will assume an interest rate of 8% compounded monthly.

Tuition=  $6,000 per year.

Number of periods= 2*12= 24 months

i= 0.08/12= 0.0067

Her parents will contribute 50% for his first year's tuition.

Local scholarship= $600

First, we need to determine future value:

Future value= (6,000/2) - 600= $2,400

Now, using the following formula, we can calculate the monthly deposit:

FV= {A*[(1+i)^n-1]}/i

A= monthly deposit

Isolating A:

A= (FV*i)/{[(1+i)^n]-1}

A= (2,400*0.0067) / [(1.0067^24) - 1]

A= $92,51

4.08%

step-by-step explanation:

step-by-step explanation: the declaration of the rights of man and of the citizen (french: déclaration des droits de l'homme et du citoyen de 1789), set by france's national constituent assembly in 1789, is a human civil rights document from the french revolution.[1]

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