Final answer:
An exponential model for the tuition at UNCW, use the formula Tuition in year n = Initial tuition * (1 + Rate of increase)^n. The tuition cost in 4 years will be approximately $8493.96.
Step-by-step explanation:
An exponential model for the tuition at UNCW, we can use the formula:
Tuition in year n = Initial tuition * (1 + Rate of increase)n
Given that the current tuition is $8000 and it will increase 2% each year for the next 4 years, we have:
Tuition in year 4 = $8000 * (1 + 0.02)4
Calculating this, the tuition cost in 4 years will be approximately $8493.96.
The student asked for an exponential model to predict the current tuition at UNCW, which is $8000, and is expected to increase 2% each year for the next 4 years. To create an exponential model for the tuition increase, we use the formula T = P(1 + r)^n, where T is the tuition after n years, P is the current tuition, r is the annual increase rate as a decimal, and n is the number of years. Therefore, the model for the tuition cost after 4 years will be: T = $8000(1 + 0.02)^4.
After calculating the values, the tuition cost in 4 years would be: T = $8000(1.082432) = $8659.46 approximately.