Answer:
Step-by-step explanation:
We would apply the formula for exponential growth which is expressed as
y = b(1 + r)^t
Where
y represents the value of the tuition fee after t years.
x represents the number of years.
b represents the initial value of the tuition fee.
r represents rate of growth.
From the information given,
P = 4000
r = 7% = 7/100 = 0.07
Therefore, the exponential function for the expected tuition t years after 2014 is
y = 4000(1 + 0.07)^t
y = 4000(1.07)^t
