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3) Janet's family wants to save for a four-year collegeeducation for her. After some research, they estimate thatthe total cost will be about $78,000. How much should herfamily save if she is 12 years old and plans to go to collegein 6 years?a) $550 each monthb) $1,100 each monthc) $4,350 each yeard) $6,500 each year

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The cost of college is $78,000.

Currently Janet is 12 years old and would be going to college in six years time.

That means, the family has to make the following plan

[tex]\begin{gathered} \text{Annual savings=}\frac{78000}{6} \\ \text{Annual savings=13000} \\ \text{For every month, this shall be;} \\ \text{Monthly savings=}\frac{13000}{12} \\ \text{Monthly savings=1,083.33} \\ \text{Monthly savings}\approx1100 \end{gathered}[/tex]

The monthly savings towards Janet's college tuition shall be $1,100 each month.

**Note that this has been approximated from 1,083.33**

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