3. You and a buddy are researching public records when you stumble upon historical yearly tuition prices at the OSU. You find that the yearly tuition at the OUS was $10,000 during fall of 1982. You also know that the same tuition during the fall of 2016 was $28,822. Your buddy turns and says "Hey, college is more expensive today than in 1982." Your response is... "Hey, you're right. $50,000 is bigger than $10,000. College is more expensive today." Or "Well, we really need to express the cost of college in 1982 in 2016 dollars to make a comparison." TheCPI in August of 1982 was 97.7, while the CPI in August of 2016 was 307.9. We need to use these numbers somehow...

a) What is the cost of the 1982 tuition, measured in 2016 dollars?

b) What did you just do? Interpret!!