The total estimated cost of attending a public two-year college in hasani’s home town last year was $2,265. the cost of attending the college is expected to increase 5% annually. hasani plans to enter the college this year and attend for 2 years. which is the best estimate for the total cost hasani will pay for only his second year?

The future worth of a current amount that has a compound interest can be calculated through the equation,

                              F = P x (1 + r)^n

Where P is the present worth, F is the future worth, r is the rate and n is the number of years. Substituting the known values to the equation,

                             F = ($2,265)(1 + 0.05)^2 = $2,497.163

Thus, the amount that Hasani will pay for his second year is approximately $2,497.163. 

the answer

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