Tutor, Incorporated (TI) provides instructional services to its customers. TI charges $210 per student. The Company expects to serve 550 students during the coming year. All of the Company's expenses are fixed. Total annual fixed costs are projected to be $65,000. If the estimated number of students decreases by 20%, net income will Note: Round your final answer to the nearest percent.

Multiple Choice

decrease by 20%.

increase by 46%.

increase by 20%

decrease by 46%.