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College tuition has been rising at a rate of 7% per year. Currently the average tuition of a state college is $10,600 per year. Andrea's son Trevor will begin college in 9 years. Andrea's portfolio is making 2% annually. How much does Andrea need to have set aside today/now to pay for 4 years of college for Trevor? (Note: Tuition will continue to change annually and Andrea's portfolio balance will continue to accrue interest while Trevor is in school. Also, tuition is due at the beginning of each year.)

A. $68,804.21

B. $70,180.29

C. $69,611.76

D. $42,400.00

Clarify comprehensively and specify all computation and methods.

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M91146760

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