I just checked CDS and if I read it right for the last year in there, 22% of students offered admission at Tulane enrolled. That is what I mean by low yield - when almost 4 out of 5 students offered admission choose to go elsewhere, I don’t think “demonstrated interest” is being determined very accurately. This isn’t just about Tulane. Pretty much every school with EA and not ED and not ranked in the top 20 has this. Most have ED to not go through the whole thing.