It Is Estimated That the Cost for the First Year

question 8

Multiple Choice

It is estimated that the cost for the first year of college at Massive University,the state school with the best operations management program,will be $20,000 by the time your son is ready to matriculate.If prevailing interest rates will average 5 percent,what amount should you invest now to pay his tuition eight years from now?

• A) Less than $13,000
• B) Between $13,000 and $14,000
• C) Between $14,000 and $15,000
• D) More than $15,000

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