The Tuition in a Private University Was $25,000 Per Academic

Multiple Choice

The tuition in a private university was $25,000 per academic year in 1999. If the inflation rate has been averaging at the rate of 3%, how much one should have invested in 1999 to send a kid to this private university in 2017. Assume the investment earned an 8% return.

A) 10,649
B) 12,156
C) 14,027
D) 13,252