Assume tuition and fees at North Carolina State University cost $5,000 in 2004 and $9,000 in...
Assume tuition and fees at North Carolina State University cost $5,000 in 2004 and $9,000 in 2012. If the price index was 190 in 2004 and 230 in 2012, convert the 2004 tuition in 2012 dollars.
Homework Answers
Answer = $6052.63
2004 Tuition fee in 2012 dollar = Fee in 2004* price index in 2012 / price index in 2004
= 5000 * 230 / 190
= 11,50,000 / 190
= 6052.63
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Assume tuition and fees at North Carolina State University cost
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