the average price of tuition and fees at particular private 4 - year colleges and universities increased…

the average price of tuition and fees at particular private 4 - year colleges and universities increased from $8906 in 1990 to $35,350 in 2018. calculate the relative change in private college cost over this time period and compare it to the overall rate of inflation as measured by the consumer price index.\naverage tuition and fees in private 4 - year colleges and universities increased by %.\n(round to the nearest integer as needed.)\nconsumer price index (cpi)\naverage annual\nconsumer price index (cpi)\n(1982 - 1984 = 100)\nyear cpi year cpi year cpi\n1981 90.9 1995 152.4 2009 214.5\n1982 96.5 1996 156.9 2010 218.1\n1983 99.6 1997 160.5 2011 224.9\n1984 103.9 1998 163.0 2012 229.6\n1985 107.6 1999 166.6 2013 233.0\n1986 109.6 2000 172.2 2014 236.7\n1987 113.6 2001 177.1 2015 237.0\n1988 118.3 2002 179.9 2016 240.0\n1989 124.0 2003 184.0 2017 245.1\n1990 130.7 2004 188.9 2018 251.1\n1991 136.2 2005 195.3 2019 255.7\n1992 140.3 2006 201.6 2020 258.8\n1993 144.5 2007 207.3\n1994 148.2 2008 215.3

the average price of tuition and fees at particular private 4 - year colleges and universities increased from $8906 in 1990 to $35,350 in 2018. calculate the relative change in private college cost over this time period and compare it to the overall rate of inflation as measured by the consumer price index.\naverage tuition and fees in private 4 - year colleges and universities increased by %.\n(round to the nearest integer as needed.)\nconsumer price index (cpi)\naverage annual\nconsumer price index (cpi)\n(1982 - 1984 = 100)\nyear cpi year cpi year cpi\n1981 90.9 1995 152.4 2009 214.5\n1982 96.5 1996 156.9 2010 218.1\n1983 99.6 1997 160.5 2011 224.9\n1984 103.9 1998 163.0 2012 229.6\n1985 107.6 1999 166.6 2013 233.0\n1986 109.6 2000 172.2 2014 236.7\n1987 113.6 2001 177.1 2015 237.0\n1988 118.3 2002 179.9 2016 240.0\n1989 124.0 2003 184.0 2017 245.1\n1990 130.7 2004 188.9 2018 251.1\n1991 136.2 2005 195.3 2019 255.7\n1992 140.3 2006 201.6 2020 258.8\n1993 144.5 2007 207.3\n1994 148.2 2008 215.3

Answer

Explanation:

Step1: Recall relative - change formula

The formula for relative change is $\text{Relative Change}=\frac{\text{New Value}-\text{Old Value}}{\text{Old Value}}\times100%$.

Step2: Identify old and new values

The old value (average tuition and fees in 1990) is $8906$, and the new value (average tuition and fees in 2018) is $35350$.

Step3: Calculate relative change

Substitute the values into the formula: $\frac{35350 - 8906}{8906}\times100%=\frac{26444}{8906}\times100%$. $26444\div8906\approx2.97$. Then $2.97\times100% = 297%$.

Answer:

$297$