Question

the tuition at a college increases exponentially. the current tuition (let it be t=0) is 36,000 and in 2 years it will be 39,690.

a) find a formula to predict the cost of tuition in t years.

Is this right? And I'm stuck at the end.

39,690= 36,000e^(kt)
11.025=e^(kt)
ln(11.025)=ln(e^(kt))
2.400=kt ??? Don't know what to do from here.

b) what is the yearly growth rate of tuition (in %)?
c)what will the tuition be in 25 years?
for this part, I think I plug 25 in for t of the formula I have not figured out in part a????

Please help! Test soon.

Answer 1

when t=2 y= 39690, so 39690=3600e^k(2)
11.025=e^k(2)
ln(11.025)=k(2)ln(e)
2.400=k(2)
1.200=k

y=36000e^1.2t