In 1966,the Average Tuition for One Year in the MBA

Multiple Choice

In 1966,the average tuition for one year in the MBA program at the University of Chicago was $3,600.Thirty years later,in 1996,the average tuition was $27,400.What is the compound annual growth rate in tuition (rounded to the nearest whole percentage) over the 30-year period?

A) 6%
B) 7%
C) 8%
D) 10%