Questions: For 1993-1994, the average cost of tuition and fees at public four-year universities was 2231 for full-time in-state students. Twenty years later, it had increased 340%. 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 2231 for full-time in-state students. Twenty years later, it had increased 340%. 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 $\$ 2231$ for full-time in-state students. Twenty years later, it had increased $340 \%$. 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

Step 1: Understand the given information

The average cost of tuition and fees in 1993-1994 was \$2231. Over 20 years, this cost increased by 340%.

Step 2: Calculate the increase amount

To find the increase, multiply the original cost by the percentage increase (expressed as a decimal): \[ \text{Increase} = 2231 \times \frac{340}{100} = 2231 \times 3.4 \] \[ \text{Increase} = 7585.4 \]

Step 3: Calculate the new cost

Add the increase to the original cost to find the new cost: \[ \text{New Cost} = 2231 + 7585.4 = 9816.4 \]

Step 4: Round down to the nearest dollar

Round \$9816.4 down to the nearest dollar: \[ \text{Approximate Cost} = 9816 \]