httpwwwblsgovdatainflationcalculatorhtm Just in case if need

http://www.bls.gov/data/inflation_calculator.htm (Just in case if needed)

Private institutions, on average, laid out dollar 19, 520 per student for instruction [in 2007], a 22 percent increase from a decade earlier, the Delta Project on Postsecondary Education Costs, Productivity, and Accountability, a Washington-based nonprofit research group said Friday. Public universities spent dollar 9, 732 for each student, up 10 percent in the decade, according to the report. How much did private colleges spent per student in 1997? When adjusted for inflation, what was the actual percent change in the amount spent per student by private colleges from 1997 to 2007? (You may use any method; it may help to treat the increase in expenditures as \"a raise\" and use the same approach we used in class to find the \"real raise, \" or \"pay cut, \" if applicable) How much did public colleges spent per student in 1997? When adjusted for inflation, what was the actual percent change in the amount spent per student by public colleges from 1997 to 2007? (You may use any method; it may help to treat the increase in expenditures as \"a raise\" and use the same approach we used in class to find the \"real raise, \" or \"pay cut, \" if applicable)

Solution

(A)

In 2007 = $19,520

22% increase from 1997

In 1997 = $15,110.11

(C)

Public colleges in 2007 = $9732

10% increase from 1997

Public colleges in 1997 = $7533.38