Tuition costs at various colleges vary from $10,000 to $30,000 annually. These tuitions are expected to...
Tuition costs at various colleges vary from $10,000 to $30,000
annually. These tuitions are expected to increase over time. If the
annual rate of increase is 2 percent, what will be the new range in
tuition costs in twelve years? Use Appendix A to answer the
questions. Round your answers to the nearest dollar.
The range at 2 percent is $ -
$ .
If the rate doubles from 2 to 4 percent, what will be the range
in tuition costs after twelve years? Use Appendix A to answer the
questions. Round your answers to the nearest dollar.
The range at 4 percent is $ -
$ .
Homework Answers
| FV = | Future Value | |
| PV = | Present Value | |
| r = | rate of interest | |
| n= | no of period | |
| a) | FV = | PV (1 + r )n |
| FV = | 10000*(1+2%)^12 | |
| FV = | 12682.42 | |
| FV = | PV (1 + r )n | |
| FV = | 30000*(1+2%)^12 | |
| FV = | 38047.25 | |
| Range = | 12682.42 to 38047.25 | |
| b) | FV = | PV (1 + r )n |
| FV = | 10000*(1+4%)^12 | |
| FV = | 16010.32 | |
| FV = | PV (1 + r )n | |
| FV = | 30000*(1+4%)^12 | |
| FV = | 48030.97 | |
| Range = | 16010.32 to 48030.97 |
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