Use the Information for the Question(s) Below

question 16

Multiple Choice

Use the information for the question(s) below.
Suppose that a young couple has just had their first baby and they wish to ensure that enough money will be available to pay for their child's university education. Currently university 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 costs continue to increase an average of 4% per year,tuition and other costs for one year for this student in 18 years when she enters university will be closest to:

• A) $12,500
• B) $21,500
• C) $320,568
• D) $25,323

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