College Savings The average tuition, fees, and room and board charges at a private
Chapter 6, Problem 76(choose chapter or problem)
College Savings The average tuition, fees, and room and board charges at a private four-year institution totaled $35,636 in 20082009. Assuming a 5% annual increase, this cost will rise to $85,762 for the academic year 20262027. For their newborn baby, how much will Tom and Anita need to invest in 2010 at 7% per annum compounded continuously to afford 1 year at a private 4-year institution in 2026 (to the nearest dollar)?
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