You have an absolutely brilliant child who is six years old and will be attending a...
You have an absolutely brilliant child who is six years old and will be attending a private college in twelve years. You know that a four-year college now costs at least $30,000 per year, including tuition, books, and room and board. The cost of sending a child to college has increased by 7 percent, and you believe this will be true for the next twelve years. What will a four-year college education cost when your child is eighteen
a. $180,087.64
b. $241,463.56
c. $265,281.76
d. $270,263.00
Homework Answers
It costs 30,000 per year, for 4 years the cost will be 30000*4 = 120,000
As, A = P(1+r/100)^n
A = 120000*(1+0.07/100)^12
A = 120000*2.252191
A= 270263
Thus the answer is d)
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