Question

State University is planning a tuition raise. The Dean of Admissions suggests that they increase tuition by 10% each year for the next two years. The Provost suggests that each year they instead increase the tuition by 30% of the amount of the tuition above $10,000.

So, for example, if the tuition now is $25,000, the Dean of Admissions is suggesting a $2,500 increase in the first year. Meanwhile, the Provost is suggesting a $4,500 increase (since the current tuition is $15,000 more than $10,000, and 30% of $15,000 is $4,500).

The Treasurer points out that the tuition two years from now (after two annual increases) will be the same under either the Dean's plan or the Provost's plan. What is the tuition right now?

Answer 1

Answer:

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