A college's tuition was $26,568 in 2000-2001. The tuition for 2011-2012 is $41,328. Find the rate of growth for the tuition for the 11 years.
Divide both sides by 26,568
I can do it without a problem but tell me if you want to find the rate in the period or
the annual rate ?
If you want to find the annual rate of growth, your calculations are ok and you can complete it doing:
(1+r)^11 = 1.556 (i rounded to 3 dp)
There are 2 ways to solve for r, taking ln both sides or taking a power of (1/11) both sides.
I do the second one here:
(1+r) = (1.556)^(1/11)
1+r = 1.041
r = 0.041 (4.1%)
Answer: annual rate of growth = r = 0.041 (4.1%)
If you need only the growth rate for the period (11 years) is:
1+r = 1.556 then r = 0.556 (r = 55.6%)
I teach Calculus and Probability in an University since 1994