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QOTD#21 Average University Costs

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Joined: 07 Jun 2014
Posts: 1770
GRE 1: 323 Q167 V156
WE: Business Development (Energy and Utilities)
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Kudos [?]: 594 [0], given: 118

QOTD#21 Average University Costs [#permalink]  15 Dec 2016, 06:42
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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 Attachment: The attachment di new.jpg is no longer available Attachments di new.jpg [ 28.2 KiB | Viewed 791 times ] _________________ Sandy If you found this post useful, please let me know by pressing the Kudos Button Try our free Online GRE Test SVP 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] 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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Sandy
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