Question

the cost of tuition at a local college is $10,000 and increases 4% each year.what is the cost of tuition after 5 years?

Answer 1

Year 1 = 10 000
Year 2 = 10 000 x 1.04 = $10 400
Year 3 = 10400 x 1.04 = $10 816
Year 4 = 10 816 x 1.04 = $11 248.64
Year 5 = 11 248.64 x 1.04 = $11 698.59