survey estimates the current average cost of college to be $30,574 per year. (a) If the average cost of college increases by 9.2% each year, what will be the average cost of college 10 years from now? (b) If a savings plan offers a rate of 8.2% compounded continuously, how much should be put in the plan now to pay for 1 year of college 10 years from now? After 10 years, the average cost of college will be $____per year. (Round to the nearest cent as needed.) To pay for 1 year of college 10 years from now, put $____ into the savings plan. (Round to the nearest cent as needed.)
survey estimates the current average cost of college to be $30,574 per year. (a) If the average cost of college increases by 9.2% each year, what will be the average cost of college 10 years from now? (b) If a savings plan offers a rate of 8.2% compounded continuously, how much should be put in the plan now to pay for 1 year of college 10 years from now? After 10 years, the average cost of college will be $____per year. (Round to the nearest cent as needed.) To pay for 1 year of college 10 years from now, put $____ into the savings plan. (Round to the nearest cent as needed.)
Chapter10: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 442RE: Jerome invests $18,000 at age 17. He hopes the investments will be worth $30,000 when he turns 26....
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Question
survey estimates the current average cost of college to be $30,574
per year.
per year.
(a) If the average cost of college increases by 9.2% each year, what will be the average cost of college 10 years from now?
(b) If a savings plan offers a rate of 8.2% compounded continuously, how much should be put in the plan now to pay for 1 year of college 10 years from now?
After 10 years, the average cost of college will be $____per year.
(Round to the nearest cent as needed.)
To pay for 1 year of college 10 years from now, put $____ into the savings plan.
(Round to the nearest cent as needed.)
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