Laura's estimated annual cost for a private four-year university includes tuition $29,500, room/board $9,600, books $2,125, and lab/fees $850. With a grant paying 30% of tuition and a scholarship paying for books, what is the minimum Laura should expect to contribute for all four years?

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Multiple Choice

Laura's estimated annual cost for a private four-year university includes tuition $29,500, room/board $9,600, books $2,125, and lab/fees $850. With a grant paying 30% of tuition and a scholarship paying for books, what is the minimum Laura should expect to contribute for all four years?

Explanation:
The amount Laura must contribute hinges on applying the aid to the correct expense categories and then summing what's left for four years. The grant covers 30% of tuition, while books are paid by a scholarship, and room/board plus lab/fees are paid by Laura. Calculate annually: - Tuition after the grant: 29,500 × 0.70 = 20,650 - Books covered by scholarship: 0 for Laura - Room/board and lab/fees: 9,600 + 850 = 10,450 Total Laura pays each year: 20,650 + 10,450 = 31,100 Over four years: 31,100 × 4 = 124,400 Therefore, Laura should expect to contribute at least 124,400 for all four years.

The amount Laura must contribute hinges on applying the aid to the correct expense categories and then summing what's left for four years. The grant covers 30% of tuition, while books are paid by a scholarship, and room/board plus lab/fees are paid by Laura.

Calculate annually:

  • Tuition after the grant: 29,500 × 0.70 = 20,650

  • Books covered by scholarship: 0 for Laura

  • Room/board and lab/fees: 9,600 + 850 = 10,450

Total Laura pays each year: 20,650 + 10,450 = 31,100

Over four years: 31,100 × 4 = 124,400

Therefore, Laura should expect to contribute at least 124,400 for all four years.

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