In 2009, Internationale Outstanding University (IOU) had an enrollment of 25,422 undergraduates, each of whom paid $6,461 per year in tuition. In 2010, enrollment was 26,355 students, and tuition was raised 5.8%. In 2011, IOU received $186.8M in revenue from student tuition, and enrollment was 28,134 students. In 2012, it is estimated that tuition will be $7,011 and IOU needs to receive 5.7% 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?

CALCULATED VARIABLES: 2012enroll = 28,156 2012rev = 197.4 11g = -0.029 (-2.9%) 11t = $6,640 10t = $6,836 growth = 933