finance

14. 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. (3 pts) Assume that costs continue to increase an average of 4% per year. What will be tuition and other costs for one year for this student in 18 years when she enters college? (3 pts) Assume 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. Draw a timeline that details the amount of money she will need to have in the future for each of her four years of her undergraduate education