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In 1958 the average tuition for one year at an Ivy League school was $1,800. Thirty years later, in 1988, the average cost was $13,700.

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In 1958 the average tuition for one year at an Ivy League school was $1,800. Thirty years later, in 1988, the average cost was $13,700. What was the annual growth rate in tuition over the 30-year period? (Hint: this question is just like finding the interest rate when you know the PV and FV.)

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