Use the Information for the Question(s)below

question 59

Essay

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:

---

Definitions:

Intellectual Property

Intangible creations of the human intellect that are accorded legal rights of ownership and use.

Inventor

An individual who creates a new product or process through innovative thinking and experimentation.

Patent

A patent is a legal right granted to an inventor, giving them exclusive rights to produce, use, and sell their invention for a certain period.

Contract Law

The body of law that governs the creation, enforcement, and termination of contracts between parties.