ws: College Tuition Up Again College gets more expensive-again. Tuition at publi

Question

ws: College Tuition Up Again College gets more expensive-again. Tuition at public four-year colleges rose 2.9 percent this year, to an average of $8,893 per year. Out-of-state students pay an average of $22,203 to attend. Private four-year colleges also saw tuition increases of 2.9 percent -to an average of $30,094. These tuition hikes come on the heels of a 4.5 percent jump in 2012-13 and 8.5 percent in 2011-12. Tuition prices have been outpacing general inflation rates for many years Source: The College Board Prices That Rose 1%) in 2013 Prices That Fell (%) in 2013 Oranges Bacon Eggs Donuts College tuition Cigarettes Text books + 9.1% + 7.7 + 6.1 + 3.6 + 2.9 +3.4 + 2.8 Average inflation rate: +16% Televisions Lettuce Coffee Peanut butter Apples Air fares lce cream 13.5% 11.7 7.6 7.5 6.9 48 1.5 By how much did the pace of tuition hikes exceed the 2013 average rate of inflation? Instructions: Enter your reponse rounded to one decimal place

Explanation / Answer

The average rate of inflation in 2013 was 1.6%. However, tuition prices rose in 2013 by 2.9%. This implies that the pace of tuition hikes exceeded the 2013 average rate of inflation by 1.3% which is the difference between the 2013 average rate of inflation and rise in 2013 tuition prices. Hence the answer is 1.3%.

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