Question

The cost of tuition at a college is $12,000 and is increasing at the rate of 6% each year. Use exponential function to find the tuition cost after 4 years.

Answer 1

The cost of tuition fee after 4 years is $15,149.72.

Explanation:

Exponential function:

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

A= the amount after n years

P= Initial amount

r= rate of increasing

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= 4 years.

`\therefore A=12,000(1+0.06)^4`

`\Rightarrow A= 12000(1.06)^4`

=$15,149.72

The cost of tuition fee after 4 years is $15,149.72.