Suppose the cost of college tuition is expected to increase 5% every year. how much will the tuition at a comunity college cost in 5 years if it currently costs $5,952 per year?

$7,596.43

Step-by-step explanation:

The cost of the college tuition is increasing 5% compounded annually for 5 years.

∴ A = P(1 + r%)ⁿ

where A = tuition fee after 5 years.

           P = current tuition

           r = rate of increase

            n = period

A =  $5,952(1 + 5%)⁵

     = $5,952(1 + 0.05)⁵

     =  $5,952 × 1.05⁵

     = $7,596.43

    =

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