The cost of college tuition at 4-year private institutions (not including state schools) is $32,000. This rate is increasing every year by 2.5%. Answer the following questions. a.) If this continues, how much will these schools cost per year 3 years from now. (Find the cost of the 4th year.)
b.) Let’s assume Armon went to a private college this past year and paid $32,000 his first year. Assuming Armon will complete college in 4 years TOTAL, how much will he pay just in college tuition for all 4 years. USE THE PROPER FORMULA FOR CREDIT. (You will not receive full credit if you find each year separately.)