Question

The cost of tuition at a

local college is $10,000
and increases 4% each
year. What is the cost of
tuition after 5 years?

Answer 1

`\qquad \textit{Amount for Exponential Growth} \\\\ A=P(1 + r)^t\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{initial amount}\dotfill &10000\\ r=rate\to 4\%\to (4)/(100)\dotfill &0.04\\ t=years\dotfill &5\\ \end{cases} \\\\\\ A = 10000(1 + 0.04)^(5) \implies A=10000(1.04)^5\implies A \approx 12166.53`