According to Statistics Canada, undergraduate students paid an average of $5581 in tuition fees for the 2012/2013 academic year compared to fees of $4747 for the 2008/2009 year. During the same period, the Consumer Price Index rose from 115.7 to 122.0.
a) What would have been the average tuition fees for the 2012/2013 year if tuition fees had grown just at the rate of inflation since the 2008/2009 year?
b) What was the (equivalent) compound annual rate of increase of tuition fees during the period?
c) What was the (equivalent) compound annual rate of inflation during the period?

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The Answer of According to Statistics Canada, undergraduate students paid an average of $5581 in tuition fees for the 2012/2013 academic year compared to fees of $4747 for the 2008/2009 year. During the same period, the Consumer Price Index rose from 115.7 to 122.0.
a) What would have been the average tuition fees for the 2012/2013 year if tuition fees had grown just at the rate of inflation since the 2008/2009 year?
b) What was the (equivalent) compound annual rate of increase of tuition fees during the period?
c) What was the (equivalent) compound annual rate of inflation during the period?

According to Statistics Canada, Undergraduate Students Paid an Average of $5581