In order to have 50% in 5 years, how much should you invest if the simple interest rate is 5%

For the 2017-2018 school year, the average costs for one year of education is:

Tuition/Fees:   $4,391

Living Costs:   $10,406

Books/Supplies:  $1,724

Transportation:  $2,313

Other Expenses:  $3,025

With the given 7% inflation rate, the average cost will increase for the next session (2018-2019).

Hence, for year 2017-2018 the total expense will be sum of all the given costs.

= $4,391 + $10,406 + $1,724 + $2,313 + $3,025

= $21,859