Which is an average annual rate of growth of personal income

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College tuition has risen significantly in the last few decades. From the 1977-1978 academic year to the 2007-2008 aca- demic year, total tuition, room, and board paid by full-time undergraduate students went from $2,038 to $13,589 at public institutions and from $4,240 to $32,307 at private institutions.

This is an average annual tuition increase of 6.5% at public institutions and 7.0% at private institutions. Over the same time, average personal income after taxes rose from $6,517 to $33,705 per year, which is an average annual rate of growth of personal income of 5.6%. Have these tuition increases made it more difficult for the average student to afford college tuition?

Reference no: EM13900869

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