In his first year Leo contributed $13,468 toward college expenses. In his second year expenses are expected to increase by 4%. What is the approximate minimum amount Leo should expect to contribute in his second school year?

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Prepare for the Relating Income and Careers Test. Improve your knowledge with engaging materials, flashcards, and multiple-choice questions with explanations. Be ready to ace your exam confidently!

Multiple Choice

In his first year Leo contributed $13,468 toward college expenses. In his second year expenses are expected to increase by 4%. What is the approximate minimum amount Leo should expect to contribute in his second school year?

The main idea is that a 4% increase means multiplying by 1.04. To find Leo’s second-year contribution, take the first-year amount and apply the 4% rise: 13,468 × 1.04 equals 13,468 plus 0.04 of 13,468, which is 538.72, giving 14,006.72. Since money is in dollars, round to the nearest dollar for an approximate amount, so about 14,007. This aligns with the expected increase, and other nearby options would be either a bit too small or too large for a 4% rise.

In his first year Leo contributed $13,468 toward college expenses. In his second year expenses are expected to increase by 4%. What is the approximate minimum amount Leo should expect to contribute in his second school year?

Prepare for the Relating Income and Careers Test. Improve your knowledge with engaging materials, flashcards, and multiple-choice questions with explanations. Be ready to ace your exam confidently!

In his first year Leo contributed $13,468 toward college expenses. In his second year expenses are expected to increase by 4%. What is the approximate minimum amount Leo should expect to contribute in his second school year?

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