Question

6) Tuition and fees at Eastern Washington University Suppose state law allows the university to increase tuition and fees by 3.5% per year. You would like you child to have enough money for four years at Eastern Washington University 16 years from now (suppose your child is 2 years old). According to EWU the current tuition and fees for THIS year is $7109.61 (this is based on three quarters of attendance). Create an Excel Table with first column “Years from now” and second column “Tuition and Fees”. Under Years from the first cell should be 0 and under tuition and fees the first cell should be $7109.61. Use the fact that the tuition and fee rate will increase by 3.5% per year to fill out this table and answer these questions:

a) How much will your child need in tuition and fees 16 years from now to attend EWU the first year?

b) How much total will your child need in tuition and fees for their four years at EWU (this would be years 16,17,18 and 19 from now)

Answer 1

This image contains the formula behind the cells in excel table:

The image below contains the final solution to the problem:

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