The information below shows the cost for a year of college in public and private
ID: 3021403 • Letter: T
Question
The information below shows the cost for a year of college in public and private colleges in 1985-86 and 2006-07. What is the geometric mean annual increase for the period for the two types of colleges? (Round your answers to 2 decimal places.)
Type of College
1985-86
2006-07
Public
$2,670
$6,958
Private
5,560
13,296
The geometric mean annual increase for public colleges %.
The geometric mean annual increase for private colleges %
The information below shows the cost for a year of college in public and private colleges in 1985-86 and 2006-07. What is the geometric mean annual increase for the period for the two types of colleges? (Round your answers to 2 decimal places.)
Explanation / Answer
Solution:
There are 21 years between the two periods.
the geometric mean annual increase for public colleges is
(6,958 /2,670 )(1/21) -1=0.0467=0.0467*100=4.67%
the geometric mean annual increase for private colleges is
(13296/5560)(1/21) -1 =0.0424 =0.0424*100=4.24%
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.