Question

The cost of tuition at a college is $12,000 and is increasing at the rate of 6% each year. Use exponential function to find the tuition cost after 4 years.

Answer 1

Answer:

The cost of tuition fee after 4 years is $15,149.72.

Step-by-step explanation:

Exponential function:

$A=P(1+r)^n$

A= the amount after n years

P= Initial amount

r= rate of increasing

n= time in years

The cost of tuition at a college is $12,000. It is increasing at the rate of 6% each year.

Here, P= $12,000, r= 6%= 0.06, n= 4 years.

$\therefore A=12,000(1+0.06)^4$

$\Rightarrow A= 12000(1.06)^4$

        =$15,149.72

The cost of tuition fee after 4 years is $15,149.72.