Exploring Economics
8th Edition
ISBN: 9781544336329
Author: Robert L. Sexton
Publisher: SAGE Publications, Inc
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Question
Chapter 2, Problem 4P
To determine
Whether the
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If corn cost $.55 per pound and protein supplement cost $.12 per pound what is the maximum amount of
corn purchase with a $2200 budget?
Refer to the article below:
FRONT PAGE
College Tuition Up Again
College gets more expensive again. In-state tuition at public four-year colleges
rose 2.3 percent in 2019-2020, to an average of $10,440 per year. Out-of-state
students paid an average of $26,820 to attend.
Private four-year colleges also saw even bigger price hikes: 3.4 percent-to an
average of $36,880. Tuition prices have been outpacing general inflation rates for
many years.
Source: The College Board.
If tuition keeps increasing at the same rate as in 2019-2020, how much will it cost to complete a degree at a private college in four
years (2019-2023)?
Hint: Future value = Present value x (1 + Growth in prices)
Next year's tuition = This year's tuition x (1 + Growth in prices)
Instructions: Round your responses to the nearest whole dollar.
Tuition freshman year (2019-2020)
Tuition sophomore year (2020-2021)
Tuition junior year (2021-2022)
Tuition senior year (2022-2023)
Total tuition
$
$
$
$
$
Refer to the article below:
FRONT PAGE
College Tuition Up Again
College gets more expensive-again. In-state tuition at public four-year colleges
rose 2.3 percent in 2019-2020, to an average of $10,440 per year. Out-of-state
students paid an average of $26,820 to attend.
Private four-year colleges also saw even bigger price hikes: 3.4 percent-to an
average of $36,880. Tuition prices have been outpacing general inflation rates for
many years.
Source: The College Board.
If tuition keeps increasing at the same rate as in 2019-2020, how much will it cost to complete a degree at a private college in four
years (2019-2023)?
Hint: Future value = Present value x (1 + Growth in prices)
Next year's tuition = This year's tuition x (1 + Growth in prices)
Instructions: Round your responses to the nearest whole dollar.
Tuition freshman year (2019-2020)
Tuition sophomore year (2020-2021)
Tuition junior year (2021-2022)
Tuition senior year (2022-2023)
Total tuition
$
$
$
tA
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