Question

if four years of college tuition cost $15,000 in 1990, what did it cost in 1965 if tuition increased at 7% per year between 1965 and 1990?

Answer 1

The cost of college tuition in 1965, considering a 7% annual increase from 1965 to 1990, would have been around $67,800.

Step-by-step explanation:

To calculate the cost of college tuition in 1965, we can use the formula:

Tuition_cost = starting_cost * (1 + growth_rate)^number_of_years

Given that the starting cost in 1990 was $15,000 and the growth rate is 7% per year, we can calculate the number of years between 1965 and 1990, which is 1990 - 1965 = 25 years.

Plugging in these values into the formula, we get:

Tuition_cost = $15,000 * (1 + 0.07)^25 = $15,000 * (1.07)^25 = $15,000 * 4.52 ≈ $67,800

Therefore, the cost of college tuition in 1965 would have been approximately $67,800.

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