PSAT Math Multiple-Choice Question 359: Answer and Explanation

Question: 359

The cost of tuition at a private nonprofit four-year college in 1988 was approximately $15,800. In 2013, the cost of tuition at the same type of college was approximately $30,100. If tuition experiences the same total percent increase over the next 25 years, approximately how much will tuition at a private nonprofit four-year college cost?

• A. $44,400
• B. $45,800
• C. $57,300
• D. $66,200

Correct Answer: C

Explanation:

C

Difficulty: Medium

Category: Percent Change

Getting to the Answer: Find the percent increase using the formula: . Then, apply the same percent increase to the amount for 2013. The amount of increase is 30,100 - 15,800 = 14,300, so the percent increase is over 25 years. If the total percent increase over the next 25 years is the same, the average cost of tuition will be 30,100 × 1.905 = 57,340.50, or about $57,300, which is (C).