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Vikki [24]
3 years ago
14

For many years, college costs (including tuition, fees, and room and board) increases have been higher than the inflation rate,

averaging 5% to 8% per year. According to the College Board's Trends in College Pricing, the average total costs at present in dollars is $19,500 for students attending in-state four-year public colleges and universities and $41,000 for students at four-year private colleges and universities. Assume an additional $5,000 per year for textbooks, supplies, transportation, and other expenses.
Using a 7% per year inflation rate, how much can a sophomore high-school student expect to spend on in-state tuition, fees, and room and board for the freshman year (3 years from now) at a four-year public university?
A sophomore high-school student is expected to spend $ for the freshman year.
Business
1 answer:
arsen [322]3 years ago
3 0

Answer: $23,888

Explanation:

The cost today for a freshman at a public university is $19,500.

Inflation is at 7% a year and the period is 3 years from now. It is best to use a future value formula:

= Fees * ( 1 + rate) ^ number of years

= 19,500 * ( 1 + 7%)³

= 19,500 * 1.225043

= $23,888

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