Q#3. Suppose that a young couple has just had their first baby, a daughter, and they...

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Q#3. Suppose that a young couple has just had their first baby, a daughter, and they wish to ensure that enough money will be available to pay for her college education. Currently, college tuition, books, fees, and other costs, average $18,000 per year. On average, tuition and other costs have historically increased at a rate of 5% per year. a) Assuming that costs continue to increase an average of 5% per year, tuition and other costs for one year for this student in 18 years when she enters college will be closest to: 8) Assuming that college costs continue to increase an average of 5% per year and that all her college savings are invested in an account paying 8% interest, then the amount of money she will need to have available at age 18 to pay for all four years of her undergraduate education is closest to: Q#3. Suppose that a young couple has just had their first baby, a daughter, and they wish to ensure that enough money will be available to pay for her college education. Currently, college tuition, books, fees, and other costs, average $18,000 per year. On average, tuition and other costs have historically increased at a rate of 5% per year. a) Assuming that costs continue to increase an average of 5% per year, tuition and other costs for one year for this student in 18 years when she enters college will be closest to: 8) Assuming that college costs continue to increase an average of 5% per year and that all her college savings are invested in an account paying 8% interest, then the amount of money she will need to have available at age 18 to pay for all four years of her undergraduate education is closest to: