Question

This year, the cost to enroll at a certain college is $9,000. • Next year, the cost will increase by 1.5% • The year after that, the cost will increase by another 1.5% What amount is closest to the total cost to enroll at the college this year and the next two

Answer 1

This year the price is $9,000, next year the price will be $9,135, and the year after that the price will be $9,272.02.

Explanation:

If the price will increase by 1.5%, to find the new price, we need to multiply the old price by 100% + 1.5% = 101.5% = 1.015

So the price next year will be:

Price = 9000 * 1.015 = $9,135

Then, to find the price in the year after that, we do the same procedure, but now with the old price = $9,135:

Price = 9135 * 1.015 = $9,272.02

So this year the price is $9,000, next year the price will be $9,135, and the year after that the price will be $9,272.02.