A survey estimates the current average cost of college to be $34,340 per year. (a) If the average cost of college increases by 9.9% each year, what will be the average cost of college 10 years from now? (b) If a savings plan offers a rate of 4.9% compounded continuously, how much should be put in the plan now to pay for 1 year of college 10 years from now? ..... per year. After 10 years, the average cost of college will be $ (Round to the nearest cent as needed.) To pay for 1 year of college 10 years from now, put $ (Round to the nearest cent as needed.) into the savings plan.

A survey estimates the current average cost of college to be $34,340 per year. (a) If the average cost of college increases by 9.9% each year, what will be the average cost of college 10 years from now? (b) If a savings plan offers a rate of 4.9% compounded continuously, how much should be put in the plan now to pay for 1 year of college 10 years from now? ..... per year. After 10 years, the average cost of college will be $ (Round to the nearest cent as needed.) To pay for 1 year of college 10 years from now, put $ (Round to the nearest cent as needed.) into the savings plan.

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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Question

A survey estimates the current average cost of college to be $34,340 per year.
(a) If the average cost of college increases by 9.9% each year, what will be the average cost of college 10 years from now?
(b) If a savings plan offers a rate of 4.9% compounded continuously, how much should be put in the plan now to pay for 1 year of college 10 years from now?
After 10 years, the average cost of college will be $
(Round to the nearest cent as needed.)
per year.
To pay for 1 year of college 10 years from now, put $
(Round to the nearest cent as needed.)
into the savings plan.

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