The total estimated cost of attending a public two-year college in Hasani’s home town last year was $2,265. The cost of attendin

Question

4 years ago

11

The total estimated cost of attending a public two-year college in Hasani’s home town last year was $2,265. The cost of attendin

g the college is expected to increase 5% annually. Hasani plans to enter the college this year and attend for 2 years. Which is the best estimate for the total cost Hasani will pay for only his second year?

Advanced Placement (AP)

2 answers:

kicyunya [14] · Answer 1 · 2021-12-06T18:37:58+03:00

The future worth of a current amount that has a compound interest can be calculated through the equation,

F = P x (1 + r)^n

Where P is the present worth, F is the future worth, r is the rate and n is the number of years. Substituting the known values to the equation,

F = ($2,265)(1 + 0.05)^2 = $2,497.163

Thus, the amount that Hasani will pay for his second year is approximately $2,497.163.

Ksivusya [100] · Answer 2 · 2021-12-06T19:51:36+03:00

Ksivusya [100]4 years ago

4 0

Answer:

$2,497.16

D

Explanation: