Assume the Total Expense for Your Current Year in College

question 83

Multiple Choice

Assume the total expense for your current year in college equals $20,000.How much would your parents have needed to invest 21 years ago in an account paying 8% compounded annually to cover this amount?

• A) $952.46
• B) $1,600.00
• C) $1,728.08
• D) $3,973.11

---

Definitions:

Extended Family

A family unit that extends beyond the immediate family, including grandparents, aunts, uncles, and other relatives.

American Indian

Indigenous peoples of the Americas, particularly those who are recognized as the original inhabitants of the United States.

Elders

Older individuals, often respected for their wisdom and experience, who may hold a position of authority within a community or family.

Decision Making

The process of making choices by identifying a decision, gathering information, and assessing alternative resolutions.