Question

The cost of tuition at a certain college is $12,000 and increasing at a rate of 6% per year. If this trend continues, what will be the cost of tuition in 10 years? $ (round to the nearest dollar)​

Answer 1

The cost of tuition fee after 10 years is = $21,490.17.

Explanation:

Exponential function:

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

`\text{A = the amount after n years}`

`\text{P = Initial amount}`

`\text{r = rate of increasing}`

`\text{n = time in years}`

The cost of tuition at a college is $12,000. It is increasing at the rate of 6% each year.

Here, P = $12,000, r = 6% = 0.06, n = 10 years.

`\therefore A=12,000(1+0.06)^(10)`

`\implies A=12000(1.06)^(10)`

`=\$21,490.17`

The cost of tuition fee after 10 years is $21,490.17.