The table below shows hypothetical tuition costs at a Canadian university. $$\begin{array} { | l | l | }
\hline \text { Year } & \text { Tuition } \
\hline 2008 & \$ 5000 \
\hline 2009 & \$ 5050 \
\hline 2010 & \$ 5100 \
\hline 2011 & \$ 5150 \
\hline 2012 & \$ 5200 \
\hline
\end{array}$$ TABLE 2- 1
-Refer to Table 2- 1.Assume that 2008 is used as the base year,with the index number = 100.The value of the index number in 2012 is
A)0.96
B)100
C)96
D)1.04
E)104

Question

The table below shows hypothetical tuition costs at a Canadian university. $$\begin{array} { | l | l | } 
\hline \text { Year } & \text { Tuition } \
\hline 2008 & \$ 5000 \
\hline 2009 & \$ 5050 \
\hline 2010 & \$ 5100 \
\hline 2011 & \$ 5150 \
\hline 2012 & \$ 5200 \
\hline
\end{array}$$ TABLE 2- 1
-Refer to Table 2- 1.Assume that 2008 is used as the base year,with the index number = 100.The value of the index number in 2012 is
A)0.96
B)100
C)96
D)1.04
E)104

Quizplus · Accepted Answer

The index number is calculated by dividing the tuition cost in 2012 by the tuition cost in the base year (2008) and then multiplying by 100. So, (5200/5000) * 100 = 104.

The Table Below Shows Hypothetical Tuition Costs at a Canadian