Question

The tuition at a college was $30, 000 in 2012, $31, 200 in 2013, and $32,448 in 2014. The tuition has been increasing by same percentage since the year 2000. The equation c(t)= 30,000 * (1.04)^t represents the cost of tuition, in dollars, as a function of t, the number of years since 2012. What is the percent increase in tuition from year to year? *

Answer 1

Explanation:

Percentage increase = increase/original price × 100/1

Increase = final price - initial price

In this case of 2012 - 2013

Initial price = $30, 000

Final price = $31, 200

Increase = $31, 200 - $30, 000

= $1200

% increase = $1200/$30000 × 100/1

= 0.04×100

= 4%

For the year 2013-2014

Initial price = $31, 200

Final price = $32,448

Increase = $32,448-$31, 200

= $1248

% increase = $1248/$31,200 ×100/1

= 0.04×100/1

= 4%

Hence,the percentage increase in tuition year will be at the rate of 4%