Answer:
(a) The increase in enrollment in the second year is 10% of 250, which is 25 students.
(b) The number of students at Riverside in its sixth year can be found by multiplying 250 by 1.1, which is 381 students.
(c) The school’s enrollment in 2020 can be found by multiplying 250 by 1.1, which is 648 students to the nearest whole number.
(d) The tuition in the school’s third year can be found by multiplying 20 000 by 1.04, which is 21 664 CND.
(e) The total tuition paid by all students in 2020 can be found by multiplying 648 by 20 000 by 1.04, which is 31 608 882 CND.
(f) The re-payment in the third year after the loan is taken out is 500 000 CND.
(g) The amount of interest paid to the bank by the end of the 20-year loan can be found by subtracting the total re-payment from the original loan amount. The total re-payment is the sum of an arithmetic series with first term 300 000, common difference 100 000, and 20 terms. The sum is 20/2 * (300 000 + 2 100 000), which is 24 million CND. The amount of interest paid is 17 million - 24 million, which is 7 million CND.
Explanation:
Sure, I can explain why. For part c, I used the formula for compound growth, which is A = P * (1 + r)n, where A is the final amount, P is the initial amount, r is the growth rate, and n is the number of periods. In this case, A is the school’s enrollment in 2020, P is the school’s enrollment in 2010, r is 10%, and n is 10 years. So I plugged in the values and got A = 250 * (1 + 0.1), which is 648 to the nearest whole number.