Use the Information for the Question(s)below

question 52

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 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 college will be closest to:

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

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Definitions:

Performance Standards

Benchmarks or criteria used to assess the quality or effectiveness of an individual's work, guiding expectations and evaluations in organizational contexts.

Quality

The degree to which a product, service, or process meets specified requirements and satisfies customer expectations.

Mary Parker Follett

An early 20th-century social worker, management consultant, and pioneer in the fields of organizational theory and organizational behavior.

Walter A. Shewhart

A pioneering figure in the field of quality control, known for developing the concepts of statistical process control and the control chart.