A private high school charges $36,400 for tuition, but this figure is expected to rise 10% per year. What will tuition be in 10 years?
Let the tuition be T(y) where y is the number of years from now. We've got:
T(y) = 36400 * (1.1)^y
The problem asks for T(10)
T(10) = 36400 * (1.1)^10
T(10) = 36400 * 2.5937424601
T(10) = 94,412.23
Let the tuition be T(y) where y is the number of years from now. We've got:
T(y) = 36400 * (1.1)^y
The problem asks for T(10)
T(10) = 36400 * (1.1)^10
T(10) = 36400 * 2.5937424601
T(10) = 94,412.23