An eighth-grade student estimated that she needs $8,800 for tuition and fees for each year of college.
She already has $5,000 in a savings account.
The table shows the projected future value of the
account in five years based on different monthly
deposits.
HIS
Future Value of a Savings Account
Initial Balance
(dollars)
$5,000 $5,000 $5,000 $5.000
Monthly
Deposit
(dot
$100 $200 $300 $400
Adcourt Value In
Five Years (dollars) $12,273 $18.737 25,202 $31,667
TURN
HIMIN
The student wants to have enough money saved in
five years to pay the tuition and fees for her first
two years of college. Based on the table, what
is the minimum amount she should deposit in the
savings account every month?
A $200
B. $300
C. $100
D. $400