In Two Years Brandon Plans to Enroll at Umpqua University,a

question 112

Multiple Choice

In two years Brandon plans to enroll at Umpqua University,a prestigious university in the Pacific Northwest of the USA.If the current tuition is $23,500 per year and is expected to increase at a rate of 6% per year,how much will Brandon pay in tuition his first year of school? (His first tuition payment is exactly two years from today.) In his fourth year? (His last tuition payment is exactly 5 years from today) (Rounded to the nearest dollar.)

• A)$23,500 and $29,668
• B)$26,405 and $29,668
• C)$23,500 and $31,448
• D)$26,405 and $31,448

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Definitions:

Quantities Demanded

The total amount of a good or service that consumers are willing to buy at a given price over a specified period.

$5.00

A monetary value equivalent to five dollars.

Equilibrium Price

The price in the market where the amount of goods being offered matches the amount of goods people want to buy.

Increase

A situation where there is a rise in magnitude, quantity, or degree.