a private high school charges $53,797 for tuition, but this figure is expected to rise 10% per year. what…

a private high school charges $53,797 for tuition, but this figure is expected to rise 10% per year. what will tuition be in 8 years? if necessary, round your answer to the nearest cent.

a private high school charges $53,797 for tuition, but this figure is expected to rise 10% per year. what will tuition be in 8 years? if necessary, round your answer to the nearest cent.

Answer

Explanation:

Step1: Identify the formula for compound - growth

The formula for compound - growth is $A = P(1 + r)^n$, where $P$ is the initial amount, $r$ is the rate of growth as a decimal, and $n$ is the number of time periods. Here, $P=$53797$, $r = 0.1$ (since 10%=0.1), and $n = 8$.

Step2: Substitute the values into the formula

$A=53797\times(1 + 0.1)^8$. First, calculate $(1 + 0.1)^8=1.1^8$. $1.1^8=2.14358881$. Then, $A = 53797\times2.14358881$. $A=53797\times2.14358881 = 115383.33$.

Answer:

$115383.33$