Suppose the cost of college tuition is expected to increase 5% every year. How much will the tuition at a community college cost in 5 years if it currently costs $5,952 per year? (Remember, the formula is A = P(1 + r)t.)

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stokholm stokholm · Answer 1 · 2018-09-16T10:37:40+02:00

Alright, lets get started.

Current tution fee this year = $ 5952 means P = 5952 $

tuition is expected to increase 5% every year means r = 5%

As mentioned in question, tution fee is getting increased yearly means n = 1

So, after 5 years, total fees will be

[tex]A = P(1+r)^t[/tex]

[tex]A = 5952(1+\frac{5}{100} )^5[/tex]

[tex]A = 5952 (1+0.05)^5[/tex]

[tex]A = 5952(1.05)^5[/tex]

[tex]A = 5952*1.27628[/tex]

[tex]A = 7596.4[/tex]

So, the tuition at a community college cost in 5 years will be $7596.4 : Answer

Hope it will help :)