Answer: they would be charging $102.66 per credit hour in 2013.
Explanation:
To determine what Ivy Tech would be charging in 2013 if they only increased tuition based on inflation, we need to use the CPI values to adjust for inflation between 2006 and 2013.
First, we need to calculate the inflation rate between the two years:
Inflation rate = CPI in 2013 / CPI in 2006
Inflation rate = 234.531 / 201.6 = 1.162
This means that the cost of living increased by 16.2% between 2006 and 2013.
Next, we can use this inflation rate to calculate the adjusted tuition cost for 2013:
Tuition in 2013 = Tuition in 2006 x (CPI in 2013 / CPI in 2006)
Tuition in 2013 = $88.34 x (234.531 / 201.6)
Tuition in 2013 = $102.66 (rounded to the nearest cent)
Therefore, if Ivy Tech only increased tuition based on inflation, they would be charging $102.66 per credit hour in 2013.