Suppose the cost of college tuition is expected to increase 5% every year. How much will the tuition at a comunity college cost in 5 years if it currently costs $5,952 per year?

Question

Nobel

Mathematics

1 October, 17:50

Suppose the cost of college tuition is expected to increase 5% every year. How much will the tuition at a comunity college cost in 5 years if it currently costs $5,952 per year?

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Answers (1)

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Brooke · Answer 1

College tuition fees after fifth year = $7596.42

Step-by-step explanation:

Cost of tuition at present = $5952

Percentage increase in first year = 5%

College tuition fees after first year = 5952 + 5% of 5952 = $6249.6

Percentage increase in second year = 5%

College tuition fees after second year = 6249.6 + 5% of 6249.6 = $6562.08

Percentage increase in third year = 5%

College tuition fees after third year = 6562.08 + 5% of 6562.08 = $6890.184

Percentage increase in fourth year = 5%

College tuition fees after fourth year = 6890.184+5% of 6890.184=$7234.69

Percentage increase in fifth year = 5%

College tuition fees after fifth year = 7234.69+5% of 7234.69 = $7596.42