Answered step by step
Verified Expert Solution
Question
1 Approved Answer
If one year of college currently costs $20,000, how much will one year cost in 18 years for a newborn son assuming an inflation rate
If one year of college currently costs $20,000, how much will one year cost in 18 years for a newborn son assuming an inflation rate of 4%? Use appendix A-1
Appendix A-1 n 1% 2% 3% 4% 1 1.0400 1.0100 1.0201 1.0200 1.0404 1.0300 1.0609 N 2 1.0816 3 1.0303 1.0612 1.0927 1.1249 4 1.0406 1.0824 1.1255 1.1699 5 1.0510 1.1041 1.1593 1.2167 6 1.0615 1.1262 1.1941 1.2653 7 1.0721 1.1487 1.2299 1.3159 8 1.0829 1.1717 1.2668 1.3686 9 1.0937 1.1951 1.3048 1.4233 10 1.1046 1.2190 1.3439 1.4802 11 1.1157 1.2434 1.3842 1.5395 12 1.1268 1.2682 1.4258 1.6010 13 1.1381 1.2936 1.4685 1.6651 14 1.1495 1.3195 1.5126 1.7317 15 1.1610 1.3459 1.8009 1.5580 1.6047 16 1.1726 1.3728 1.8730 17 1.1843 1.4002 1.6528 1.9479 18 1.1961 1.4282 1.7024 2.0258Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started