The survey estimates the current average cost of college to be $34,197 per year.

(a) If the average cost of college increases by % 5.7 each year, what will be the average cost of college years from now?

(b) If a savings plan offers a rate of %4.3 compounded continuously, how much should be put in the plan now to pay for 1 year of college 13 years from now?

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a Let the number of years from now n The future value of college fees with a constant growt... View the full answer