If college tuition increases by 3% per year, how does your fourth-year tuition compare with your first-year tuition?
A) It is 12% more.
B) It is 9% more.
C) It is about 9.3% more.
D) It is about 12.5% more.

Question

Quizplus · Accepted Answer

The tuition increases by 3% each year, so the fourth-year tuition is 1.03^4 times the first-year tuition. This is about 1.125 times the first-year tuition, or about 12.5% more.

If College Tuition Increases by 3% Per Year, How Does