Question

Projected Undergraduate Costs at the University of California

2014-15	2015-16	2016-17	2017-18	2018-19	2019-20
$12,192	$12,804	$13,446	$14,118	$14,820	$15,564

The University of Surrey recently approved a series of tuition and fee increases over the course of five years. The table above summarises the total cost per undergraduate per year through the $2019-20$ academic year.
If fees account for $8.75\%$ of one year's total expenses, what is the average fee increase per academic year? Round your answer to the nearest dollar.

Answer 1

Given fee cost $2014-15$ is $\$12192$ and $2019-20$ is $\$15564$.

Then increase in $5$ years $=15564-12192=3372$

So increase in one year $=$ $\frac{3372}{5}=674.40$

To find what portion of this amount is fees, determine $8.75\%$ of $\$674.40$

$0.0875\times$674.60=$59.01$

Rounded to the nearest dollar, the correct answer is $59$.