Questions: For 1993 -1994, the average cost of tuition and fees at public four-year universities was 2331 for full-time in-state students. Twenty years later, it had increased 240%. To the nearest dollar, what was the approximate cost for 2013-2014?
The approximate cost was . (Round down to the nearest dollar.)
Transcript text: For 1993 -1994, the average cost of tuition and fees at public four-year universities was $\$ 2331$ for full-time in-state students. Twenty years later, it had increased $240 \%$. To the nearest dollar, what was the approximate cost for 2013-2014?
The approximate cost was $\$$ $\square$
(Round down to the nearest dollar.)
Solution
Solution Steps
To find the approximate cost for 2013-2014, we need to calculate the increase in cost based on the given percentage and then add that increase to the original cost from 1993-1994.
Calculate the increase in cost by multiplying the original cost by the percentage increase (240%).
Add the increase to the original cost to get the new cost.
Round down to the nearest dollar.
Step 1: Calculate the Increase in Cost
The original cost in 1993-1994 was \( \$2331 \). The percentage increase over twenty years was \( 240\% \).
To find the increase in cost:
\[
\text{Increase} = 2331 \times \frac{240}{100} = 2331 \times 2.4 = 5594.4
\]
Step 2: Calculate the New Cost
Add the increase to the original cost to get the new cost:
\[
\text{New Cost} = 2331 + 5594.4 = 7925.4
\]
Step 3: Round Down to the Nearest Dollar
Round down the new cost to the nearest dollar:
\[
\text{Approximate Cost} = \lfloor 7925.4 \rfloor = 7925
\]
Final Answer
The approximate cost for 2013-2014 was \( \boxed{7925} \).