Problem

(a) Below is an estimate of all his expenses and sources of funding for his 2-year college education. For each, select whether it is an expense or a source of funding. \begin{tabular}{llcc} & Expense & Funding \\ Transportation: & $\$ 2840$ & 0 & 0 \\ Personal expenses: & $\$ 2600$ & 0 & 0 \\ Books and supplies: & $\$ 2500$ & 0 & 0 \\ Scholarships: & $\$ 10,820$ & 0 & 0 \\ Housing and food: & $\$ 14,300$ & 0 & 0 \\ Family contribution: & $\$ 8100$ & 0 & 0 \\ Tuition and fees: & $\$ 12,020$ & 0 & 0 \\ Grants: & $\$ 9840$ & 0 & 0 \\ Work-study (part-time job): $\$ 7700$ & 0 & 0 \end{tabular} (b) What is the total of his estimated expenses? (c) What is the total of his estimated funding? (d) Can Alan expect to have enough money for his education? How much is the difference? Yes. He will have $\$ \square$ more than he needs. No. He will need an additional $\$ \square$.

Solution

Step 1 :Categorize each item as either an expense or a source of funding. The expenses are Transportation, Personal expenses, Books and supplies, Housing and food, and Tuition and fees. The sources of funding are Scholarships, Family contribution, Grants, and Work-study (part-time job).

Step 2 :Calculate the total of his estimated expenses. The total expenses are \(2840 + 2600 + 2500 + 14300 + 12020 = \$34260\).

Step 3 :Calculate the total of his estimated funding. The total funding is \(10820 + 8100 + 9840 + 7700 = \$36460\).

Step 4 :Compare the total expenses and total funding to determine if Alan has enough money for his education. Since \(36460 > 34260\), Alan can expect to have enough money for his education.

Step 5 :Calculate the difference between the total funding and total expenses to determine how much more money Alan has than he needs. The difference is \(36460 - 34260 = \$2200\).

Step 6 :Final Answer: Alan can expect to have enough money for his education. He will have \(\boxed{2200}\) more than he needs.

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