Question

A private high school charges $26,378 for tuition, but this figure is expected to rise 4% per year. What will tuition be in 10 years?If necessary, round your answer to the nearest cent.

Answer 1

Given data:

The tuition fee for a private high school = $26,378

The increase in the rise = 4%

To find the tution fee in 10 years.

use the formula,

`A=P_0(1+(r)/(n))^(nt)`
`\begin{gathered} p(t)=26378(1+(0.04)/(1))^(1t) \\ p(7)=26378(1.04)^7 \\ =26378\cdot1.48 \\ =39045.88 \end{gathered}`

The tutuion fee after 10 yeras is $ 39046.