53. College Costs The average annual cost of college at 4-year private colleges was $25,143 in the 2008–2009 academic year. This was a 5.9% increase from the previous year. Source: The College Board...

Extracted text: 53. College Costs The average annual cost of college at 4-year private colleges was $25,143 in the 2008–2009 academic year. This was a 5.9% increase from the previous year. Source: The College Board (a) If the cost of college increases by 5.9% each year, what will be the average cost of college at a 4-year private college for the 2028–2029 academic year? (b) College savings plans, such as a 529 plan, allow individuals to put money aside now to help pay for college later. If one such plan offers a rate of 4% compounded continuously, how much should be put in a college savings plan in 2010 to pay for 1 year of the cost of college at a 4-year private college for an incoming freshman in 2028?