Homework Answers
Total amount expected = 21000 * (1+0.07)^3 + 4500* (1+0.07)^3
= 21000 * 1.07^3 + 4500 * 1.07^3
= 31238.60 ~ 31239
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Required information For many years, college costs (including tuition, fees, and room and board) increases have...
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Part 1 of 2 Required information For many years, college costs (including tuition, fees, and room and board) increases have been higher than the inflation rate, averaging 5% to 8% per year. According to the College Board's Trends in College Pricing, the average total costs at present in dollars is $21,250 for students attending in-state four-year public colleges and universities and $43,750 for students at four-year private colleges and universities. Assume an additional $4,400 per year for textbooks, supplies, transportation,...
The average annual cost (including tuition, room, board, books
and fees) to attend a public college takes nearly a third of the
annual income of a typical family with college-age children
(Money, April 2012). At private colleges, the average
annual cost is equal to about 60% of the typical family's income.
The following random samples show the annual cost of attending
private and public colleges. Data are in thousands of
dollars
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