Problem 7-10

Tuition costs at various colleges vary from $10,000 to $30,000 annually. These tuitions are expected to increase over time. If the annual rate of increase is 4 percent, what will be the new range in tuition costs in eleven years? Use Appendix A to answer the questions. Round your answers to the nearest dollar. The range at 4 percent is $ - $ .

If the rate doubles from 4 to 8 percent, what will be the range in tuition costs after eleven years? Use Appendix A to answer the questions. Round your answers to the nearest dollar. The range at 8 percent is $ - $ .