Question: Help me :( X C B N M shift 1. The average annual cost of a college at 4-year private colleges was $50,900 in the
Help me :(

X C B N M shift 1. The average annual cost of a college at 4-year private colleges was $50,900 in the 2018-2019 academic year. This was a 1.08% increase from the previous year. (a) (10 points) If the cost of college increases by 1.08% each year, what will be the average cost of college at a 4-year private college for the 2043-2044 academic year? Initial annual cost is $50, 900, rate of increase (r ) is 1.08%, and time period from 2018-2019 to 2043-2044 15 25 years. Formula: final cast = initial cast ( 1 + r) = 50, 900 ( 1 + 0.0108 ) 25 ~ $ 46, 580. 74) (b) (15 points) College savings plans allow individuals to put money aside now to help pay for college later. If one such plan offers a rate of 2% compounded continuously, how much should be put in a college savings plan in 2020 to pay for 1 year of the cost of college at a 4-year private college for an incoming freshman in 2043
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