El tapitio purchased restaurant furniture on september 1, 2018, for $45,000. residual value at the end of an estimated 10-year s
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We will examine the annual growth rate of the following question.
Formula for calculating the annual growth rate is Growth Percentage Over One year =[ (F÷S) ¹/y - 1] ₓ 100
where F= final value
S= start value
y= Number of years.
(1,350000÷150) y= 2010-1895=115
∴ [(1,350,000÷150) ¹/₁₁₅ - 1] × 100
= (9000¹/₁₁₅ - 1) ₓ 100
= (1.082393 - 1) ₓ 100
= 8.24%
Over the course of 115 years the winners prize money grew from $150.00 to $1,350,000.00, its annual growth rate = 8.24%
Please Note, raising a value a to the ¹/<em>b</em> exponent is equivalent to taking the <em>b</em>th root of a. You will likely need a calculator with an " <em>" </em>button, or a good online calculator.
Couldn't find the basic symbols, had to improvise.
Answer
The answer and procedures of the exercise are attached in the following archives.
Explanation
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
