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./nC.
Assume college costs double. What is the new value for (B.)?
Fig: 1
Fig: 2