Concept explainers
Write an equation for the amount of tuition t years after 2010 and to predict the cost of tuition for the college in year 2025.
Answer to Problem 4GP
The equation for the amount of tuition t years after 2010 is
The cost of tuition for this college in year 2025 is $22556.
Explanation of Solution
Given information:
Initial cost of tuition in 2010 is $10,850.
Growth rate of tuition is 5% each year.
Calculation:
We know the exponential function equation is
Also
We got,
Initial value
Growth factor
Plugging the value of a and b in exponential function equation
Therefore, the equation for the amount of tuition t years after 2010 is
For year 2025 the value of t is
Now, plugging the value t =15 in equation
Therefore, the cost of tuition for this college in year 2025 is approximately $22556.
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