The Average Yearly Cost of Tuition, Fees, and Room and Board

question 111

Multiple Choice

The average yearly cost of tuition, fees, and room and board at private four-year colleges in the United States was $20,805 for the academic year 1998/1999 and $24,817 for the academic year 2002/2003. Find the average yearly rate of inflation over this five-year period. Round to the nearest hundredth of a percent.

• A)3.47%
• B)3.77%
• C)3.59%
• D)3.68%
• E)4.03%

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