Question

the average price of tuition and fees at public 4-year colleges and universities increased from $1,750 in 1998 to $6,900 in 2013. calculate the relative change in price from 1998 to 2013 and compare it to the overall rate of inflation as measured by the consumer price index. average tuition and fees in public 4-year colleges and universities increased by 294 %. (round to the nearest integer as needed.) the overall rate of inflation was \\(\square\\)% (round to the nearest integer as needed.) average annual cpi (1982-1984 = 100) \

$$\begin{tabular}{cc|cc|cc} \\hline year & cpi & year & cpi & year & cpi \\\\ \\hline 1982 & 96.5 & 1995 & 152.4 & 2008 & 215.3 \\\\ 1983 & 99.6 & 1996 & 156.9 & 2009 & 214.5 \\\\ 1984 & 103.9 & 1997 & 160.5 & 2010 & 218.1 \\\\ 1985 & 107.6 & 1998 & 163.0 & 2011 & 224.9 \\\\ 1986 & 109.6 & 1999 & 166.6 & 2012 & 229.6 \\\\ 1987 & 113.6 & 2000 & 172.2 & 2013 & 233.0 \\\\ 1988 & 118.3 & 2001 & 177.1 & 2014 & 236.7 \\\\ 1989 & 124.0 & 2002 & 179.9 & 2015 & 237.0 \\\\ 1990 & 130.7 & 2003 & 184.0 & 2016 & 240.0 \\\\ 1991 & 136.2 & 2004 & 188.9 & 2017 & 245.1 \\\\ 1992 & 140.3 & 2005 & 195.3 & 2018 & 251.1 \\\\ 1993 & 144.5 & 2006 & 201.6 & 2019 & 255.7 \\\\ 1994 & 148.2 & 2007 & 207.3 & 2020 & 258.8 \\\\ & & & & 2021 & 271.0 \\\\ \\hline \\end{tabular}$$

Explanation:

Step1: Determine the formula for relative change in CPI

The formula for relative change is $\frac{\text{Final Value}-\text{Initial Value}}{\text{Initial Value}}\times100\%$.

Step2: Identify the CPI values for 1998 and 2013

From the table, in 1998, $CPI_{1998} = 163.0$ and in 2013, $CPI_{2013}=233.0$.

Step3: Calculate the relative change in CPI

Substitute the values into the formula:

$$
LATEXBLOCK0
$$

Answer:

43