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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?

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?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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?
Transcribed Image Text: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?
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