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2 September, 20:37

Suppose that the tuition for a university is $10,000 this year and tuition increases 7% every year. in how many years will the tuition be doubled?

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  1. 2 September, 22:22
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    To get the number of years it will take for the tuition fee to double we use the compound interest formula, this is given by:

    FV=p (1+r/100) ^n

    where:

    FV=future value

    p=principle

    r=rate

    n=years

    from the information given, we are required to solve for n given that:

    FV=$20,000

    p=$10,000

    r=7%

    thus plugging in the formula we shall have:

    20000=10000 (1+7/100) ^n

    solving for n we have:

    2 = (1.07) ^n

    introducing natural logs we get:

    n=ln2/ln1.07

    n=10.25 years

    Answer: 10.25 years
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