According to the Project on Student Debt prepared by The Institute for College Access and Success, 7 out of 10 students graduating in 2012 from a four-year college in the United States had student loan debt. The average amount borrowed per student was $29,400, which is up from $18,750 in 2004. If student debt experiences the same total percent increase over the next eight years, approximately how much will a college student graduating in 2020 owe, assuming she takes out student loans to pay for her education?
A. $40,100
B. $44,300
C. $46,100
D. $48,200
Answer:C
According to the Project on Student Debt prepared by The Institute for College Access and Success, 7 out of 10 students graduating in 2012 from a four-year college in the United States had student loan debt. The average amount borrowed per student was $29,400, which is up from $18,750 in 2004. If student debt experiences the same total percent increase over the next eight years, approximately how much will a college student graduating in 2020 owe, assuming she takes out student loans to pay for her education?
A. $40,100 B. $44,300 C. $46,100 D. $48,200
Explanation: C