Tanner is an 8th grader in Forney and wants to attend Stanford University after he graduates from high school. Stanford is a private university and one year of tuition costs $46,320. He plans to attend Stanford for four years and graduate with a bachelor's degree. His parents have committed to giving him $8,000 each year towards tuition. Tanner plans to save for the next four years to prepare for the cost. Determine the minimum amount of money he will need to save each month to pay for one year of tuition.
How much of the tuition is Tanner responsible for?
How many months is Tanner planning to save?
What is the minimum amount he would have to save each month?
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Answer:
$46,320+$8,000=54,320
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