A study estimates that the cost of tuition at a university will increase by 2.8% each year. The cost of tuition at the University in 2015 was $33,741 the function b(x) , models the estimated tuition cost , where x is the number of years since 2015.finds the expression that completes the function b(x)
Accepted Solution
A:
so, the cost will increase 2.8% per annum... so that simply means is a compound interest rate, so let's use the compound interest formula for this one.[tex]\bf ~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$33741\\ r=rate\to 2.8\%\to \frac{2.8}{100}\dotfill &0.028\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{per annum, thus once} \end{array}\dotfill &1\\ t=\textit{years after 2015}\dotfill &t \end{cases} \\\\\\ A=33741\left(1+\frac{0.028}{1}\right)^{1\cdot t}\implies b(x)=33741(1.028)^x[/tex]