Question 3 (2 points) Kate has a 6-year-old son who will go to college at 18 years old. She has to pay the $40,000 tuition fee for each year in college (4-year college). How much does she need to put in the bank each year (1 year from now until her son is 18 years old) to cover all the costs? The interest rate is 6% compounded annually. A) 8,709.01 B) 6,816.03 C) 9,865,32 OD) 7,780.92 E) 7,517.82 Previous Page Next Page Page 3 of 14