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question 26

Essay

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 university costs continue to increase an average of 4% per year and that all her university 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:

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Definitions:

Cytology

The branch of biology that studies cells, their structure, function, and significance in health and disease.

Molecular Biology

Molecular biology is the branch of biology that focuses on the molecular basis of biological activity, including the interactions between DNA, RNA, proteins, and their synthesis.

Microbiology

The branch of science that studies microorganisms, including bacteria, viruses, fungi, and protozoa.

Histology

The study of the microscopic anatomy of cells and tissues of plants and animals.