If an asset declines in value from $5,000 to $4,100 over 9 years, what is the mean annual growth rate in the asset’s value over these 9 years? Enter your answer as a percentage. If needed, round your answer to 2 digit decimals.
1 answer:
Answer:
2.4 %
Step-by-step explanation:
annual growth is the changes in the value of asset
STEP 1: annual growth rate
= (current value - old value)/old value
= (4100 - 5000)/ 4100
= -0.2195 // 21.95%
Step 2: Mean of x
mean of x= average of x
= total of x / count of x ( x here is the annual growth rate )
= annual growth rate / no of years
= -0.2195/ 9
= -0.02 // 2.4 %
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