A survey estimates the current average cost of college to be $34,340 per year. (a) If the average cost of college increases by 9.9% each year, what will be the average cost of college 10 years from now? (b) If a savings plan offers a rate of 4.9% compounded continuously, how much should be put in the plan now to pay for 1 year of college 10 years from now? ..... per year. After 10 years, the average cost of college will be $ (Round to the nearest cent as needed.) To pay for 1 year of college 10 years from now, put $ (Round to the nearest cent as needed.) into the savings plan.

A survey estimates the current average cost of college to be $34,340 per year. (a) If the average cost of college increases by 9.9% each year, what will be the average cost of college 10 years from now? (b) If a savings plan offers a rate of 4.9% compounded continuously, how much should be put in the plan now to pay for 1 year of college 10 years from now? ..... per year. After 10 years, the average cost of college will be $ (Round to the nearest cent as needed.) To pay for 1 year of college 10 years from now, put $ (Round to the nearest cent as needed.) into the savings plan.

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter6: Exponential And Logarithmic Functions

Section6.1: Exponential Functions

Problem 68SE: An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000...

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