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The average annual tuition for a public university in 1998 was $19,599. In 2018, the average...

The average annual tuition for a public university in 1998 was $19,599. In 2018, the average annual tuition for a public university is $26,758.

How much (as a percentage) has the tuition cost increase on average per year?

State your answer to two decimal places (e.g., 3.86)

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Answer #1

Average Annual Tution fees for Public University in 1998 = $19,599

Aveage Annual Tution fees for Public University in 2018 = $26,758

Calculating the % increase in tution fees over 20 years:-

Annual percentage increase in tution Fees = (Fees in 2018/Fees in 1998)^(1/n) - 1

where, n = no of years = 20

Annual percentage increase in tution Fees = ($26,758/$19,599)^(1/20) - 1

= 1.01569 - 1

Annual percentage increase in tution Fees = 1.57%

So, the tuition cost increase on average per year is 1.57%

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