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    Growth Rate of Tuition

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    In 1958 the average tuition for one year at an Ivy League school was $1,800. Thirty years later, the average cost was $13,700. What was the growth rate in tuition over the 30-year period?

    a. 12%
    b. 9%
    c. 6%
    d. 7%
    e. 8%

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    Solution Preview

    Growth rate is calculated using the compound interest formula. The formula is

    Final ...

    Solution Summary

    The solution explains how to calculate the growth rate in tuition fees using simple, step by step calculations.