Question

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)

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

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%

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The average annual tuition for a public university in 1998 was $18,242. In 2018, the average...
The average annual tuition for a public university in 1998 was $18,242. In 2018, the average annual tuition for a public university is $21,934. 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)
The average annual cost (including tuition, room, board, books, and fees) to attend a public college...
The average annual cost (including tuition, room, board, books, and fees) to attend a public college takes nearly a third of the annual income of a typical family with college-age children.† At private colleges, the average annual cost is equal to about 60% of the typical family's income. The following random samples show the annual cost of attending private and public colleges. Data are in thousands of dollars. Private Colleges 52.8, 42.2, 44.0, 34.3, 44.0, 29.6, 46.8, 36.8, 51.5, 41.0...
A public university recently raised tuition in order to supplement the reduction in budget provided by...
A public university recently raised tuition in order to supplement the reduction in budget provided by the state. One semester after the tuition increase, a student organization contacted randomly selected students and asked whether the tuition increase was justifiable. The total number of responses was 250, of which 130 was “yes”. Test the hypothesis that more than half of the students felt the tuition increase was justifiable. Use level of significance alpha= 0.05. Write down the hypotheses: H_0: H_1: The...
How much has the price of housing increased on average per year over the time period in percentage terms?
In 1975 the price of a new house was $48,510. In 2020 the price of a new house is $188,657.How much has the price of housing increased on average per year over the time period in percentage terms?State your answer to two decimal places (e.g., 4.76)
The mean annual tuition and fees in the 2018 - 2019 academic year for a sample...
The mean annual tuition and fees in the 2018 - 2019 academic year for a sample of 14 public colleges in California was $30,500 with a standard deviation of $4,500. At the α = 0.01 level of significance, can you conclude that the mean tuition and fees for public institutions in California differs from $30,000? 1. State the null and alternative hypotheses and the type of test this is? 2. Compute the critical value and the value of the test...
It is claimed that the average cost of tuition and fees at a four-year public college...
It is claimed that the average cost of tuition and fees at a four-year public college is greater than $5500. The standard deviation of college tuitions is known to be $659, and the mean tuition and fees of a sample of 36 schools is computed to be $5900. a. Is this a two-tailed, right-tailed, or left-tailed test? b. What is H1? c. What is the test value? d. Verify or deny the claim with 90% certainty.
In 1975 the price of a new house was $51,870. In 2020 the price of a...
In 1975 the price of a new house was $51,870. In 2020 the price of a new house is $198,817. How much has the price of housing increased on average per year over the time period in percentage terms? State your answer to two decimal places (e.g., 4.76)
College Tuition Number of Students Washington University $35,900 482 University of Washington $16,579 1,179 Washington State...
College Tuition Number of Students Washington University $35,900 482 University of Washington $16,579 1,179 Washington State $16,000 832 Western Washington University $8,038 27,389 Evergreen University $6,400 8,676 Eastern University $37,676 2,853 Peninsula College $5,148 5,782 University of Oregon $4,922 4,816 Portland State University $5,180 5,457 Oregon State University $5,777 9,406 Southern Oregon University $4,483 1,697 Eastern Oregon University $48,920 10,296 Western Oregon University $5,407 13,809 University of Idaho $9,480 141 Idaho State University $21,212 2,834 Step 1: State the hypothesis...
In the public schools in Massachusetts, the average number of students per computer for the 2007–2008...
In the public schools in Massachusetts, the average number of students per computer for the 2007–2008 school year was 3.1 with a standard deviation of 1.1. A random sample of 42 public schools in the state of Massachusetts was obtained last year. Determine the mean (in students per computer) of the sampling distribution of the sample mean. = Calculate the standard deviation (in students per computer) of the sampling distribution of the sample mean. (Round your answer to three decimal...
Student tuition at Boehring University is ​$180 per semester credit hour. The state supplements school revenue...
Student tuition at Boehring University is ​$180 per semester credit hour. The state supplements school revenue by ​$70 per semester credit hour. Average class size for a typical 3​-credit course is 45 students. Labor costs are ​$4 comma 400 per​ class, materials costs are ​$20 per student per​ class, and overhead costs are ​$26 comma 000 per class. The multifactor productivity ratio currently is 1.08 and the labor productivity ratio is ​$150.67 per hour if the instructors work on an...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT