Western State University (WSU) is preparing its master budget for the upcoming academic year. Currently, 14,000 students are enrolled on campus; however, the admissions office is forecasting a 4 percent growth in the student body despite a tuition hike to $70 per credit hour. The following additional information has been gathered from an examination of university records and conversations with university officials:

• WSU is planning to award 200 tuition-free scholarships.
• The average class has 20 students, and the typical student takes 10 credit hours each semester. Each class is two credit hours.
• WSUs faculty members are evaluated on the basis of teaching, research, and university and community service. Each faculty member teaches five classes during the academic year.

Required:

1. Prepare a tuition revenue budget for the upcoming academic year.

Let me know if this looks correct. Any feedback is appreciated.

2. Determine the number of faculty members needed to cover classes.

Tuition revenue budget: Current student enrollment Add: Increase in student body Total student body Less: Tuition-free scholarships Tuition-paying students Credit hours per student per year Total credit hours Tuition rate per hour Forecasted tuition revenue 14,000 560 14,560 200 14,360 287,200 4,124,192,000 70 288,693,440,000 Determine the number of faculty members needed to cover classes. Faculty needed