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Suppose in 2000, the cost of tuition at a state university was $4300. The tuition increases at a rate of 4% each year. How much would it cost to attend the university in 2020? Round your answer to the nearest whole dollar, and do not use any decimals or commas.

Respuesta :

We can solve this questions using the formula:

[tex]A=P(1+\frac{r}{n})^{nt}[/tex]

where P is the initial tuition fee, r is the rate at which it increases in decimal form, n is the number of times it increases per year and t is the number of years it increased.

Then:

[tex]A=4300(1+\frac{0.04}{1})^{1\cdot20}=9422[/tex]

Therefore, the tuition will be $9422 in 2020.

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