expected family contribution, periodic savings plan
TEKS 8(1)(A), 8(1)(F), 8(12)(G)
Example Modeling Periodic Savings Plans
You estimated your EFC for the first year of college using an online calculator. Your college calculated your EFC to be $1,800 more than your estimated EFC. You have 12 weeks to make up the difference. You devise a periodic savings plan. Your plan is to make weekly deposits for 12 weeks. Each deposit will be $10 more than the previous deposit.
If you follow your plan, how much will you deposit in the last week?
Model the situation.
Let x = the amount of the first week's deposit.
The first deposit will be $95. The last deposit will be $95 + $110 = $215.