Asked by sidra jawad on May 17, 2024
Verified
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?
Tuition Fee Increases
Refers to the rise in the cost of education at institutions such as universities and colleges over time.
CPI
An indicator called the Consumer Price Index scrutinizes the total weighted average costs of a series of consumer goods and services, embracing sectors like food, transportation, and healthcare.
- Assess the effects of inflation and changes in living expenses over periods.
Verified Answer
KP
Learning Objectives
- Assess the effects of inflation and changes in living expenses over periods.