A private high school charges $45,540 for tuition, but this figure is expected to rise 2% per year. What will tuition be in 4 years?

If necessary, round your answer to the nearest cent.

Answer: I got confused but its either 48387.80 or 49355.55

Step by step:

What you do is you find 2% of 45,540 and add it to 45,540. Then you do the same with the next number and the number after that and then the number after that.

To find a percent of a number, you multiply it by the percent over 100.

For example you have to find 5% of 15 you would do 5/100*15