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7 January, 04:07

Assume that your university increase tuition only at the rate of inflation. how much will a $23,000-per-year college cost 15 years from now if inflation is at an annual rate of 8.0%

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  1. 7 January, 06:07
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    In economics, there is a formula to predict the growth of money value with time. When dealing with simple interest, the formula is

    F = P (1+in), where F is the future worth, P is the present worth, i is the annual interest rate, and n is the amount of time, commonly in terms of years. Substituting to the formula,

    F = $23,000 (1+0.08*15)

    F = $50,600
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