Suppose that the tuition for a university is $10,000 this year and tuition increases 7% every year. in how many years will the tuition be doubled?

To get the number of years it will take for the tuition fee to double we use the compound interest formula, this is given by:

FV=p (1+r/100) ^n

where:

FV=future value

p=principle

r=rate

n=years

from the information given, we are required to solve for n given that:

FV=$20,000

p=$10,000

r=7%

thus plugging in the formula we shall have:

20000=10000 (1+7/100) ^n

solving for n we have:

2 = (1.07) ^n

introducing natural logs we get:

n=ln2/ln1.07

n=10.25 years

Answer: 10.25 years