Altered State University (ASU) is preparing its master budget for the upcoming academic year. Currently, 12,000 students are enrolled on campus; however, the admissions office is forecasting a 5% growth in the student body next year despite a tuition hike to $80 per credit hour. The following additional information has been gathered from an examination of university records and conversations with university officials:
-The average class has 30 students, and the typical student takes 15 credit hours each semester.
-Each class is three credit hours.
-Each faculty member teaches five classes during the academic year.
a. What is the budgeted tuition revenue for the upcoming academic year ?
b. How many faculty members will be needed to teach classes in the upcoming year ?