Use the Consumer Price Index Below to Answer the Question

question 255

Essay

Use the Consumer Price Index below to answer the question. $$\begin{array}{l}\text { Average Annual Consumer Price Index (1982-1984 = 100) }\\\begin{array} { c | c | c | c | c | c } \text { Year } & \text { CPI } & \text { Year } & \text { CPI } & \text { Year } & \text { CPI } \\\hline 1986 & 109.6 & 1995 & 152.4 & 2004 & 188.9 \\1987 & 113.6 & 1996 & 156.9 & 2005 & 195.3 \\1988 & 118.3 & 1997 & 160.5 & 2006 & 201.6 \\1989 & 124.0 & 1998 & 163.0 & 2007 & 207.3 \\1990 & 130.7 & 1999 & 166.6 & 2008 & 215.3 \\1991 & 136.2 & 2000 & 172.2 & 2009 & 214.5 \\1992 & 140.3 & 2001 & 177.1 & 2010 & 218.1 \\1993 & 144.5 & 2002 & 179.9 & 2011 & 224.9 \\1994 & 148.2 & 2003 & 184.0 & 2012 & 229.6\end{array}\end{array}$$
-Between 1990 and 2000, a college raised its annual tuition fees from $4690 to $6630. Find
the relative change in the fees over that period and compare it to the overall rate of
inflation as measured by the CPI. Were the tuition increases in line with inflation?

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Definitions:

Distinguish

To recognize or treat as different in some respect due to distinct characteristics or features.

Negotiable

Capable of being bargained or discussed to reach a mutual agreement, often used in the context of contracts, terms, or financial instruments.

Omitted

Left out or not included, either purposefully or accidentally.

Secured

Pertaining to loans or debt that is backed by collateral, providing the lender with a claim to certain assets if the borrower defaults.