In: Finance
The average annual tuition for a public university in 1998 was $20,598. In 2018, the average annual tuition for a public university is $25,659. How much (as a percentage) has the tuition cost increased over the entire period? State your answer to two decimal places (e.g., 3.86)
Average increase in Tution Cost = [ ( $25,659 - $20,598 ) / $20,598
] * 100
= [ $5,061 / $20,598 ] * 100
= 24.57%
Ans : The tution cost has increased by 24.57% over the entire period.