SOLUTION: The average cost of college at 4-year private colleges was $29,026 in 2005. This was a 5.5 % increase from the previous year. If the cost of college increases by 5.5 % each year, w

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Question 955484: The average cost of college at 4-year private colleges was $29,026 in 2005. This was a 5.5 % increase from the previous year. If the cost of college increases by 5.5 % each year, what will be the average cost of college at a 4-year private college in 2011?
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
For now, say the cost was +c+ in 2005
2006:
+c+%2B+.055c+
2007:
+%28+c+%2B+.055c+%29+%2B+.055%2A%28+c+%2B+.055c+%29+
+%28+c+%2B+.055c+%29%2A%28+1+%2B+.055+%29+
+c%2A%28+1+%2B+.055%29%5E2+
---------------------------
From 2005 to 2011 is +6+ yrs
+29026%2A%28+1+%2B+.055+%29%5E6+
+29026%2A1.055%5E6+
+29026%2A1.37884+=+40022.21+
------------------------------
In 2011, the average cost is:
$40,022.21