The average annual cost of college at 4-yearprivate colleges was $31,231 in the 2014–2015 academicyear. This was a 3.7% increase from the previous year.(a) If the cost of college increases by 3.7% each year, whatwill be the average cost of college at a 4-year privatecollege for the 2034–2035 academic year?(b) College savings plans, such as a 529 plan, allowindividuals to put money aside now to help pay forcollege later. If one such plan offers a rate of 2%compounded continuously, how much should be put ina college savings plan in 2016 to pay for 1 year of thecost of college at a 4-year private college for an incomingfreshman in 2034?

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.