The nominal price of a college education rose from 15,212 in 1993 to 18,273 in 2002. The CPI was 107.6 in 1985, 144 in 1993,and 205 in 2007.a) What was the real price of a college education in 1993 in 1985 dollars?b) In real terms was college more expensive in 1993 or 1997?

a.In order to calculate the real price of a college education in 1993 in 1985 dollars, we need to…

Answered: The nominal price of a college…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A 162. Subject:- finance
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Solve it correctly please. I will rate accordingly
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The nominal price of a college education rose from 15,212 in 1993 to 18,273 in 2002. The CPI was 107.6 in 1985, 144 in 1993, and 205 in 2007. a) What was the real price of a college education in 1993 in 1985 dollars? b) In real terms was college more expensive in 1993 or 1997?