Use the Information for the Question(s)below

question 25

Multiple Choice

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.
-Assuming that college costs continue to increase an average of 4% per year and that all her college savings are invested in an account paying 7% 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:

• A)$97,110.
• B)$107,532.
• C)$101,291.
• D)$50,000.

---

Definitions:

Accountant's Property

This term is not standard; it might refer to assets or property managed or overseen by an accountant but lacks a clear, established definition. NO.

Right of Access

A legal or policy-based entitlement allowing individuals to obtain information or enter a place.

Regulatory Deadline

A specific date by which a requirement set forth by a regulatory authority must be met.

Pay a Fine

The act of giving money as a penalty for violating a rule or law.