Your five-year-old daughter has just announced that she would like to attend college. The College Board has reported that the average annual cost of tuition, room, and board, and other expenses at public four-year colleges is $21,500 in 2023 (to be paid at the beginning of 2023). The cost has risen 3.5% over the last year. You feel this percentage increase is a good long-term estimate. You also believe that you can earn a rate of 7% compounded annually on investments to meet this goal. A. If costs continue to rise 3.5% per year, how much will it cost for the first year of tuition in 13 years?

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