At a certain state-supported university, annual tuition and fees have risen dramatically in recent years as shown in the table below.

a. If all tuition and fees are paid at the beginning of each academic year, what is the compound annual rate of increase from 1982 to 2005?
b. What is the annual rate of increase from 1993 to 2005?
c. How do the increases in Parts (a) and (b) compare with the CPI for the same period of time?

Transcribed Image Text:

Consumer Price Index Year Tuition and Fees 1982-1983 1987-1988 1993-1994 2003-2004 2005-2006 $827 $1,404 $2,018 $4,450 $5,290 96.5 113.6 144.5 184.0 198.1 (est.)