Question: Professional University teaches a large range of undergraduate courses. Itis interested in te determining the cost equation for the facilities cost as function of student credit hours so that it an more accurately budget its facilities cost as enrollment grows. Information for the high and lost cost semesters and volumes for the last 5 years appears below Semester Student credit hours Facilities cost Spring 2007 250,000 500,000 Fall 2004 300,000 530,000 Using the high low method, with student credit hours as the activity driver, what is the equation for the facilities cost (FC) as a function of the student credit hours? FC = $350,000 + $0.60 / student credit hour FC = $585,100 + $1.67 / student credit hour FC = $1.77 / student credit hour FC = $2 / student credit hour