According to Statistics Canada, undergraduate students paid an average of $4724 in tuition fees for the 2008/2009 academic year compared to fees of $1464 for the 1990/1991 year. During the same period, the Consumer Price Index rose from 78.5 to 115.8.
a. What would have been the average tuition fees for the 2008/2009 year if tuition fees had grown just at the rate of inflation since the 1990/1991 year?
b. What was the (equivalent) compound annual rate of increase of tuition fees during the period?
c. What was the (equivalent) compound annual rate of inflation during the period?