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Q.2 Assume tuition at North Carolina State University cost $4,259 in 2004 and $7,787 in 2012....

Q.2 Assume tuition at North Carolina State University cost $4,259 in 2004 and $7,787 in 2012. If the price index was 150 in 2004 and 240 in 2012.

(a) Calculate the inflation rate between 2004 and 2012.

  1. Is tuition in 2012 higher than the tuition in 2004? Explain with calculations.
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Answer #1

From the above calculations of inflation rate and percentage increase in price over the years, we can clearly see that the inflation rate is 60% but percentage increase in the price is more than 60% which means tuition fee in 2012 is higher as compared to 2004

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