In 1988 the average tuition for one year at an Ivy League school was $1,800 (PV).  Thirty years later, in 2018, the average cost was $13,700(FV).  What is the annual growth rate (I) in tuition over this 30-year period (N)?  Hint: remember to change one of the cash flows to a negative amount. Group of answer choices 12% 9% 6% 7%

Essentials Of Investments
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ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
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In 1988 the average tuition for one year at an Ivy League school was $1,800 (PV).  Thirty years later, in 2018, the average cost was $13,700(FV).  What is the annual growth rate (I) in tuition over this 30-year period (N)?  Hint: remember to change one of the cash flows to a negative amount.
Group of answer choices
12%
9%
6%
7% 
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