You plan to retire in 30 years. You would like to maintain your current level of consumption which is $55,588 per year. You will need to have 23 years of consumption during your retirement. You can earn 4.57% per year (nominal terms) on your investments. In addition, you expect inflation to be 2.07% inflation per year, from now and through your retirement. How much do you have to invest each year, starting next year, for 10 years, in nominal terms to just cover your retirement needs?

The average annual tuition for a public university in 1998 was $19,528. In 2018, the average annual tuition for a public university is $21,257. How much (as a percentage) has the tuition cost increase on average per year? State your answer to two decimal places (e.g., 3.86)