which of the following statements is true: Nominal dollars refer to the amount of purchasing power. A dollar tomorrow is worth more than a dollar today. To calculate present value, we discount the future value by some interest rate r, the discount rate. An annuity factor represents the future value of $1 deposited today.

Jorge is attending college next year. he just got information on the college costs and the financial aid package the college is offering. jorge knows his parents can contribute $4,500 each year. jorge’s college costs & financial aid package per year costs financial aid package tuition & fees grants & scholarship $26,000 $18,500 room & board work-study $12,500 $8,500 how much will jorge need to pay each year from his own savings and from loans? $3,000 $7,000 $7,500 $11,500