Julia uses a $375 monthly deposit plan to achieve her goal which is to save an amount of $18,000 in four years to contribute to her college education.
How to choose the best monthly deposit?
- Divide the whole amount by the period of time required(tenure) to get the whole amount.
- It gives the monthly deposit amount.
Calculation:
Given that,
The amount Julia wants to save in four years to contribute to her college education is $18,000
Tenure(or) the time period is 4 years
⇒ 4 × 12 months
⇒ 48 months
Dividing the whole amount with the time period,
⇒ (18,000)/48
⇒ $375 per month
Thus, option C is the best monthly deposit to achieve her goal.
The amount of the monthly deposit is $375.
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