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QOTD#21 Average University Costs

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SVP
SVP
User avatar
Joined: 07 Jun 2014
Posts: 1770
GRE 1: 323 Q167 V156
WE: Business Development (Energy and Utilities)
Followers: 38

Kudos [?]: 594 [0], given: 118

QOTD#21 Average University Costs [#permalink] New post 15 Dec 2016, 06:42
Expert's post
00:00
A
B
C
D
E

Difficulty:

  5% (low)

Question Stats:

0% (00:00) correct 0% (00:00) wrong based on 0 sessions
Image


Question 4: In 2005, the ratio of the average annual cost to attend a private university to the average annual cost to attend a public university was the same as it was in 1990. If the average annual cost to attend a public university in 2005 was $11,000, what was the average annual cost to
attend private university in that year, to the nearest $1,000?

A. $18,000
B. $24,000
C. $29,000
D. $32,000
E. $34,000

[Reveal] Spoiler: OA
C


Question 5: By approximately what percent did the average annual cost to attend a private university increase from 1980 to 2000?

A. 27%
B. 73%
C. 138%
D. 267%
E. 367%

[Reveal] Spoiler: OA
D


Question 6: The average annual cost to attend a private university increased at a constant rate from 1995 to 2000, and 2.5 million students attended private universities in 1998. If 2 million students attended private universities in 1990, then by approximately what percent did the total dollar
amount spent on private universities increase from 1990 to 1998?

A. 25%
B. 30%
C. 55%
D. 70%
E. 90%

[Reveal] Spoiler: OA
E



Drill 3
Question: 4, 5, 6
Page: 469-470


[Reveal] Spoiler: Img
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Sandy
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SVP
SVP
User avatar
Joined: 07 Jun 2014
Posts: 1770
GRE 1: 323 Q167 V156
WE: Business Development (Energy and Utilities)
Followers: 38

Kudos [?]: 594 [0], given: 118

Re: QOTD#21 Average University Costs [#permalink] New post 15 Dec 2016, 06:55
Expert's post
Explanation

Question 4: The private : public ratio in 1990 was about \frac{13}{5}. Setting the ratios equal for the two years (setting up a proportion) gives you: \frac{13}{5}=\frac{x}{11000}. The private cost is approximately $29,000, so the answer is choice C.

Question 5: The cost increases from about $6,000 to $22,000. Use the percent change formula to find the percent increase: \frac{16000}{6000}*100= 267%, so the answer is choice D.

Question 6: The average cost of a private university in 1995 was $17,000, and the cost in 2000 was $22,000, as you discovered in the previous question. The increase over the 5-year period was $5,000. If the average cost increased at a constant rate, then the increase was $1,000 per year.
The 3-year increase from 1995 to 1998 was therefore $3,000, putting the average cost for a private university at $20,000 in 1998. To find the total cost for that year, multiply the average cost per student times the number of students: ($20,000)(2.5 million) = $50 billion. Similarly, in 1990, the total dollar amount spent on private universities was ($13,000)(2 million) = $26 billion. The billions cancel out of the percent change formula, giving you \frac{24}{26}*100 = 92%, which is the closest to choice E.
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