Question

Suppose in 2000, the cost of tuition at a state university was $4300. The tuition increases at a rate of 4% each year. How much would it cost to attend the university in 2020? Round your answer to the nearest whole dollar, and do not use any decimals or commas.

Answer 1

We can solve this questions using the formula:

`A=P(1+(r)/(n))^(nt)`

where P is the initial tuition fee, r is the rate at which it increases in decimal form, n is the number of times it increases per year and t is the number of years it increased.

Then:

`A=4300(1+(0.04)/(1))^(1\cdot20)=9422`

Therefore, the tuition will be $9422 in 2020.