The MIT Sloan School of Management is one of the leading business schools in the U.S. The following table contains the tuition data for the masters program in the Sloan School of Management.

Year 2004 2005 2006 2007 2008 2009 Tuition $36,850$39,844 $42,634 $44,556 $46,784 $48,650 Source: http://web.mit.edu/ir/financial/tuition.htm l.

a. Use 2004 as the base year to form a simple price index for tuition.

b. Use 2007 as the base year to form a simple price index for tuition.

c. Compare the percentage tuition increase from 2004 through 2007 and 2007 through 2009.