Final answer:
Fayetteville is the third largest city in Arkansas and is home to the University of Arkansas.
Step-by-step explanation:
The third largest city home to the University of Arkansas is Fayetteville. The University of Arkansas is a flagship educational institution located in this city.
Fayetteville is not only recognized for its educational significance but also for its cultural and economic impact in the state of Arkansas. It's an essential part of the larger Northwest Arkansas metropolitan area, which has seen significant growth over recent years.