The financial aid office at your university has offered to pay your full annual

Question

The financial aid office at your university has offered to pay your full annual tuition cost of $22,000 this year, as long as you maintain a grade point average of 3.00. If tuition costs rise at a rate of 6% per year while you are in college, but the financial aid office continues to pay exactly $22,000 per year for your tuition, how much out-of-pocket tuition costs will you have your senior year? NOTE: Think carefully about this problem when figuring the number of years from the start of your freshman year to the start of your senior year, assuming normal progress toward graduation in four years. Further, be aware that while tuition costs are rising your tuition is covered up to only $22,000. You must pay any excess tuition costs.

A) $0

B) $3,351

C) $4,202

D) $5,774

Must show work

Explanation / Answer

tution cost = 22000 * 1.06^3 - 22000 = 4202

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