Concept explainers
Collage Costs The average annual cost of college at
If the cost of college increases by
College savings plans, such as a
Source: The College Board
(a)
To calculate: The average cost of college at a
Answer to Problem 53AYU
Solution:
The average cost of college at a
Explanation of Solution
Given information:
The average annual cost of college in the academic year
Formula used:
The amount
Calculation:
Total number of academic years from
The cost of college increased by
The average cost of college in the
Use the compound interest formula with
Hence, the average cost of college at a
(b)
To calculate: The amount should be put in a college savings plan in the year
Answer to Problem 53AYU
Solution:
The amount to put in a college savings plan in year
Explanation of Solution
Given information:
A college savings plan in
Formula used:
The present value formula is
Calculation:
Total number of years from
From part (a) cost of college in
Use the present value formula with
Hence, the amount to put in a college savings plan in year
Chapter 5 Solutions
Precalculus
Additional Math Textbook Solutions
Thomas' Calculus: Early Transcendentals (14th Edition)
University Calculus: Early Transcendentals (4th Edition)
Glencoe Math Accelerated, Student Edition
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