In 1970 tuition cost $1990. Today (2018) the cost is $64,890. Has the cost risen faster or slower than the rate of inflation of 3.87%? 2) Assuming an average inflation rate of 6% during the past 10 years, how much would a car costing P400k now cost 10 years ago.

In 1970 tuition cost $1990. Today (2018) the cost is $64,890. Has the cost risen faster or slower than the rate of inflation of 3.87%? 2) Assuming an average inflation rate of 6% during the past 10 years, how much would a car costing P400k now cost 10 years ago.

Engineering Fundamentals: An Introduction to Engineering (MindTap Course List)

5th Edition

ISBN:9781305084766

Author:Saeed Moaveni

Publisher:Saeed Moaveni

Chapter20: Engineering Economics

Section: Chapter Questions

Problem 10P

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Question

1) In 1970 tuition cost $1990. Today (2018) the cost is $64,890. Has the cost risen faster or slower than the rate of inflation of 3.87%?

2) Assuming an average inflation rate of 6% during the past 10 years, how much would a car costing P400k now cost 10 years ago.

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