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question 62

Essay

Use the information for the question(s)below.
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 $12,500 per year.On average,tuition and other costs have historically increased at a rate of 4% per year.
-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.They decide to make deposits into an educational savings account on each of their daughter's birthdays,starting with her first birthday.Assume that the educational savings account will return a constant 7%.The parents deposit $2000 on their daughter's first birthday and plan to increase the size of their deposits by 5% each year.Draw a timeline that details the amount that would be available for their child's college expenses on her 18th birthday.

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Definitions:

Visual Information

Data and stimuli received and processed by the visual system, typically referring to what is seen through the eyes.

Parietal Lobe

A region of the brain responsible for processing sensory information related to touch, pressure, temperature, and spatial orientation.

Spatial Abilities

Skills related to understanding, organizing, and using physical space and its dimensions.

Wernicke's Area

A region of the brain involved in understanding spoken language, located in the temporal lobe.