To save at least $15,000 in 5 years, which monthly deposit is the minimum amount an eighth grader and his family should plan to save for college?

$50

C. $250

The family should save minimum $250 every month to save up to $15,000 at the end of 5 years.

Explanation:

Total savings, S = $15,000

Time period, t = 5 years

Monthly deposit, x=?

Time period in months = 12 X 5 = 60 months

Monthly deposit = Total savings / Time period in months

x = $15000/60

x = $250

Therefore, the family should save minimum $250 every month to save up to $15,000 at the end of 5 years.