Answers26-27 Ignite Financial Literacy Personal Finance - EL3403Careers, Salaries, and Lifetime Income — Unit testQuestion 14
14
QuizMultiple Choice

Careers, Salaries, and Lifetime Income — Unit test

Question 14 • 26-27 Ignite Financial Literacy Personal Finance - EL3403

Aneesha determined that the cost of attending her public four-year college in her first year will be $6,220. If the average cost is expected to increase by 6%, what will be the cost of attending her second year in college?

Answer
A
$6,226.00
B
$6,257.32
C
$6,593.20
D
$6,820.00

Explanation

A 6% increase means adding 6% of $6,220 to the first-year cost. Since $6,220 × 1.06 = $6,593.20, the second-year cost will be $6,593.20, choice C.

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