Compute the exact interest (365-day year) and the total amount of the loan for the following problems. Round answers to the nearest cent.
​

A college student wishes to compare tuition fee increases during the period 2003 to 2015to the general increase in the cost of living. Tuition increased from $345 per course in the 2003/2004 academic year to $515 per course in the 2015/2016 academic year. The CPI rose from 95.4 at the end in 2003 to 121.7 at the end of 2015. What would tuition fee per course have been in the 2015/16 year if tuition increases had merely kept pace with inflation during the 12 years?

Michelle has just received an inheritance from her grandfather's estate. She will be entering college in 3½ years, and wants to immediately purchase three compound-interest investment certificates having the following maturity values and dates: $4,000 at the beginning of her first academic year, $5,000 at the start of her second year, and $6,000 at the beginning of her third year. She can obtain interest rates of 5% compounded semi-annually for any terms between 3 and 5 years, and 5.6% compounded quarterly for terms between 5 and 7 years. What principal amount should she invest in each certificate?