The tuition at a college was $30,000 in 2012, $31,200 in 2013, and $32,448 in 2014. The tuition has been increasing by the same percentage since the year 2000.
The equation C (T) = LaTeX: 30000/cdot1.04^T
30000
⋅
1.04
T
represents the cost of tuition, in dollars, as a function of T, the number of years since 2012. Explain what the 30,000 and 1.04 tell us about this situation.
What is the percent increase in tuition from year to year?
What does C (3) mean in this situation? Find its value and show your reasoning.
a. Write an expression to represent the cost of tuition in 2007.
b. How much did tuition cost that year?
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