Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Start at the beginning of school year (august) trip in the summer (ends in may) Will recently decided that he'd like to take a trip
Start at the beginning of school year (august) trip in the summer (ends in may)
Will recently decided that he'd like to take a trip this upcoming summer. Here's some more information about Will and his goal: $500 a month from his parents $2,000 saved up from a summer job in his savings account, which earns 1% annually $600 book expenses for his first semester at school $500 book expenses for his second semester at school His meal plan covers the majority of his eating, 18 meals a week He plans to spend about $30 a meal for each of the remaining meals, plus about $40 a week in snacks, coffee, and other miscellaneous expenses. He plans to spend about $250 over the course of each semester in entertainment (travel, movies, sporting events, etc.) His housing and all other expenses are covered by tuition The semester is 16 weeks (4 months) long He believes his trip will be two (2) weeks long, and take place at the beginning of May He wants to plan a road trip with some friends of his, prior to starting a summer internship in his hometown They estimate that the total cost will be $5,000 for the 4 of them to split hotel, gas, food, and other miscellaneous expenses If Will decides he wants to take an extra $500 in spending money with him, will he have enough based on him saving all of his part-time job earnings towards his savings goal? (Hint: Look at how much he'll save each month from his job with impact of interest on his savings account) A. No, he will be short approximately $154 B. No, he will be short approximately $345 C. Yes, he will be over approximately $154 D. Yes, he will be over approximately $345 Will recently decided that he'd like to take a trip this upcoming summer. Here's some more information about Will and his goal: $500 a month from his parents $2,000 saved up from a summer job in his savings account, which earns 1% annually $600 book expenses for his first semester at school $500 book expenses for his second semester at school His meal plan covers the majority of his eating, 18 meals a week He plans to spend about $30 a meal for each of the remaining meals, plus about $40 a week in snacks, coffee, and other miscellaneous expenses. He plans to spend about $250 over the course of each semester in entertainment (travel, movies, sporting events, etc.) His housing and all other expenses are covered by tuition The semester is 16 weeks (4 months) long He believes his trip will be two (2) weeks long, and take place at the beginning of May He wants to plan a road trip with some friends of his, prior to starting a summer internship in his hometown They estimate that the total cost will be $5,000 for the 4 of them to split hotel, gas, food, and other miscellaneous expenses If Will decides he wants to take an extra $500 in spending money with him, will he have enough based on him saving all of his part-time job earnings towards his savings goal? (Hint: Look at how much he'll save each month from his job with impact of interest on his savings account) A. No, he will be short approximately $154 B. No, he will be short approximately $345 C. Yes, he will be over approximately $154 D. Yes, he will be over approximately $345Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started