Question

Suppose the cost of college tuition is expected to increase 5% every year. How much will the tuition at a community college cost in 5 years if it currently costs $5,952 per year? (Remember, the formula is A = P(1 + r)t.)

Answer 1

Alright, lets get started.

Current tution fee this year = $ 5952 means P = 5952 $

tuition is expected to increase 5% every year means r = 5%

As mentioned in question, tution fee is getting increased yearly means n = 1

So, after 5 years, total fees will be

`A = P(1+r)^t`

`A = 5952(1+(5)/(100) )^5`

`A = 5952 (1+0.05)^5`

`A = 5952(1.05)^5`

`A = 5952*1.27628`

`A = 7596.4`

So, the tuition at a community college cost in 5 years will be $7596.4 : Answer

Hope it will help :)