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.)

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: \[ \text{Approximate Cost} = \lfloor 7925.4 \rfloor = 7925 \]