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 $21,294 for the academic year 1998/1999 and $27,461 for the academic year 2003/2004.Find the average yearly rate of inflation over this six-year period.Round to the nearest hundredth of a percent.

• A) 4.15%
• B) 4.50%
• C) 4.33%
• D) 4.99%
• E) 5.16%

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Definitions:

Innate Knowledge

Knowledge that is believed to be inborn or present at birth, not acquired through experience or learning.

Parents

Primary caregivers and guardians responsible for raising and nurturing their offspring, playing a key role in their social and emotional development.

Family Values

A set of social and moral principles and beliefs considered by a society or group to be important for the welfare and cohesion of the family unit.

Functionalism

A sociological theoretical viewpoint that sees society as a complicated system with components that collaborate to foster cohesion and stability.