Question
In 2009, Internationale Outstanding University (IOU) had an enrollment of 26,190 undergraduates, each of whom paid $6,398 per year in tuition. In 2010, enrollment was
In 2009, Internationale Outstanding University (IOU) had an enrollment of 26,190 undergraduates, each of whom paid $6,398 per year in tuition. In 2010, enrollment was 27,647 students, and tuition was raised 4.7%. In 2011, IOU received $186.8M in revenue from student tuition, and enrollment was 27,476 students. In 2012, it is estimated that tuition will be $7,094 and IOU needs to receive 4.0% more total revenue from tuition than in 2011.
Assuming the 2012 revenue and student enrollment goals are met, what will be the average annual growth rate of tuition for 2009 to 2012?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started