Joe the Math Major's Tuition Percentages

[TooDumbForCollege]

Hi everyone. I am in desperate need of some help here. I am not looking for the answer to this question, however I can't figure out how to go about it and it isn't something I can seemingly look up. I kept reading my textbook over and over and I can't figure out an equation or anything. So if possible, an example or an idea of how to go about this would be very much appreciated.

"Joe, a math major, calculates that in the last three years tuition at Tasmania State University has increased a total of exactly 12.4864%. He also knows that tuition increased by the same percentage each year. Determine this percentage"

Now, I know you don't just divide it by three. But I have no idea how to actually get it. That is all of the information given. No more numbers.

 

[TooDumbForCollege]

Thank you for posting! This one is a challenge. I know people push starting assignments earlier so you have more time, but I have to give time to certain classes on certain days to get all my courses done in time for my degree. Unfortunately, that means sometimes I can't do work 3-4 days ahead of schedule like I'd like.

 

[TooDumbForCollege]

(1 + p)^3 = 1.124864
Solve for p

Thanks a lot for a speedy response.

If I were doing this with this equation:

(1+p)^3 = 1.132455

I would first subtract 1 from both sides, right? then p^3 = .132455

And from there I would... I don't know how to remove the squared from one side and do the same for the other. Sorry, I'm a bit dense with maths tbh.

(Sorry for the random number, but I just want to be able to do the actual equation myself.. once I know how. )

 

[Otis]

Setting up an equation for this exercise and solving it requires some knowledge:

1) how to calculate a percentage, given a percent

2) percent change formula

3) solving a simple cubic equation

Are you familiar with these?

 

[Otis]

Oh, how nice for you. Denis gave you a cubic equation, while I was a typin' !

It's not the same as mine, but just as good.

 

[TooDumbForCollege]

Setting up an equation for this exercise and solving it requires some knowledge:

1) how to calculate a percentage, given a percent

2) percent change formula

3) solving a simple cubic equation

Are you familiar with these?

...Maybe xD I'm not good with the terms.

The thing from his formula I'm not sure if I can figure out is how to transfer the cubed from one side to the other.

 

[Otis]

Oops! Thought I was on another board.

Well, equation can also be reasoned out using the pre-knowledge I posted, but easier interpreting the scenario from your perspective.