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Question 1036170: Your university reported increases in in-state tuition of 8.5%, 6.7%, 9.3%, 3.4%, and 2.1% in the years from 2010-2014. What was the percentage increase in tuition over the five years?
Answer by Edwin McCravy(20056)   (Show Source):
You can put this solution on YOUR website! 8.5%, 6.7%, 9.3%, 3.4%, and 2.1%
An increase of 8.5% in 2010 amounted to
adding 8.5% of the 2009 tuition to 100%
of the 2009 tuition, which is the same
as taking 108.5% of the 2009 tuition
or multiplying the 2009 tuition by 1.085
to get the 2010 tuition.
An increase of 6.7% in 2011 amounted to
adding 6.7% of the 2010 tuition to 100%
of the 2010 tuition, which is the same
as taking 106.7% of the 2010 tuition
or multiplying the 2010 tuition by 1.067
to get the 2011 tuition.
etc.
We use that principle for each of the percentage
increases and multiply the equivalent decimals
all together. This amounts to multiplying the
2009 tuition by
(1.085)(1.067)(1.093)(1.034)(1.021) = 1.334550555
We round that to three decimal places like all the
others:
1.335, which is equivalent to 133.5% which is
100% + 33.5% which is an increase of 33.5% over
the 5-year period.
Edwin
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