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How much will the college education cost per year

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Question 1. The couple plan to have their first kid in exactly 1 year from now. Today a college education costs about $30,000 a year. Assume this education cost grows with an annual inflation rate of 6%. How much will the college education cost per year when the child turns 18?

Question 2. They are curious to find out if college costs $90,000 per year when their child gets into college in 19 years, how much is the total cost of a college education (that lasts for 4 years) in today's dollars if the cost of money is 8%? Assume you pay the tuitions at the beginning of each year and the annual tuition cost will grow at a 6% annual rate. [Hint: first compute the beginning value (at 19th year) of the tuition payment stream over the 4 year period]

Reference no: EM132505085

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