The constant rate of increase of the tuition fee gives a linear relationship
between the academic year and the tuition fee.
The cost of the tuition fee in 2023 - 2024 academic year is $12,260.
Reasons:
The given parameters are;
The amount charged by the public university in 2014-2015 = $9200
The amount the university charged in 2019-2020 = $10,900
Required:
The estimate of the tuition fee cost in 2023-2024 academic year
Solution:
The number of years between 2014-2015 and 2019-2020 academic year is
given as follows;
2019 - 2014 = 5 years
The increase in tuition fee per year is therefore;
[tex]Constant \ rate \ of \ increase = \dfrac{10900 - 9200}{5} = 340[/tex]
The tuition fee increases at a rate of $340 per year
The equation for the estimate of the tuition fee using the last two digits in
a year, is therefore;
y - 9200 = 340×(x - 14)
∴ y = 340·x - 4760 + 9200 = 340·x + 4440
In 2023 - 2024 academic year, we have;
x = 23
y = 340 × 23 + 4440 = 12,260
The cost of the tuition fee in 2023 - 2024 academic year, x = $12,260
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