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.
Suppose the University of Surrey system wants to extend these increase through the 2022-23 academic year. Assuming the average yearly increase for this extension remains the same as it was from 2014-15 through 2019-20, by what percentage will total tuition and fees have increased at the end of 2022-23 academic year since their implementation? Round your answer to the nearest whole percent.

• A. $43\%$
• B. $44\%$
• C. $45\%$
• D. $46\%$

Answer 1

Answer: (B)

$44\%$

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 $=$ $\frac{3372}{5}=674.40$

Three academic years will pass after the end of the initial five year increase period $(2020-21,2021-22,2022-23)$, so multiply the average yearly increase you found in part $1$ by $3$ to get $674.40\times 3=$2023.20$.

Add this to $\$3,372$, the increase through $2019-20$,

To get the total increase over this entire period, which is $\$3372+\$2023.20=\$5,395.20$.

Divide this by the pre-increase implementation cost (from $2014-15$), and multiply this result by $100$ to find the percent change :

$\frac{\$5395.20}{\$12192}\times 100=44.252$

Rounded of is $44\%$