In 1983, the Average Tuition for One Year in the MBA

question 136

Multiple Choice

In 1983, the average tuition for one year in the MBA program at a university was $3,600. Thirty years later, in 2013, the average tuition was $27,400. What is the compound annual growth rate in tuition (rounded to the nearest whole percentage) over the 30-year period?

• A)6%
• B)7%
• C)8%
• D)10%

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