Derrick’s parents are finalizing a budget for his college expenses. His first year of college will cost 8 dollars comma 000 , and his expenses will increase by 12 percent each year. Which statement is correct regarding the amount they should budget for Derrick’s four-year college education, to the nearest dollar?
Answer
A
They should use the sum from n is equal to 0 to 3 of open paren 1 comma 200 plus 8 comma 000 close paren to find that 39 dollars comma 200 is needed.
B
They should use the sum from n is equal to 0 to 3 of 1 point 1 2 to the n th power to find that 38 dollars comma 235 is needed.
C
They should use the sum from n is equal to 1 to 4 of 1 point 1 2 to the n th power to find that 42 dollars comma 823 is needed.
D
They should use the sum from n is equal to 0 to 3 of open paren 12 plus 8 comma 000 close paren to find that 32 dollars comma 072 is needed.