Final answer:
Sam Long anticipates he will need $225,400 in 13 years for his daughter's 4-year college education, reflecting the rising costs of tuition and the substantial student loan debt burden.
Step-by-step explanation:
The total amount of money Sam Long anticipates he will need in 13 years to cover his daughter's college bills for a 4-year degree is $225,400. This anticipation is based on the rising costs of college education, which have been seen to increase annually.
For instance, from the year 2000 to 2020, the price of tuition, fees, and room and board at public universities increased by almost 2.5 times, and recent data suggests that a year of college at a public university now costs more than $25,000. Additionally, the burden of these costs is reflected in the significant amount of student loan debt, which recently exceeded $1.3 trillion.