We have the expression:
[tex]f(t)=13000\cdot(1.024)^t[/tex]We can find how much the annual tuition increases each year by calculating:
[tex]\begin{gathered} \Delta=\frac{f(t+1)-f(t)}{f(t)}=\frac{f(t+1)}{f(t)}-1=\frac{13000\cdot(1.024)^{t+1}}{13000\cdot(1.024)^t}-1 \\ \Delta=1.024^{\mleft\{t+1-t\mright\}}-1=1.024-1=0.024\cdot100\%=2.4\% \end{gathered}[/tex]Answer: b. 2.4%
