How to get 5% of 100?
2 answers:
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<h3>Annual percent growth is 4.37 %</h3>
<em><u>Solution:</u></em>
<em><u>The increasing function is given as:</u></em>
Where,
y is future value
a is initial value
r is growth rate
t is number of years
From given,
a = 5000
y = 9500
t = 1997 to 2012 = 15 years
r = ?
<em><u>Substituting the values we get,</u></em>
Thus annual percent growth is 4.37 %