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18 December, 01:12

The 1997 a value of an object was $5000. In 2012, it was worth $9500. The annual percent growth has been constant. What is the annual percent growth?

A) 1.37%

B) 2.37%

C) 3.37%

D) 4.37%

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Answers (1)
  1. 18 December, 01:17
    0
    Given:

    1997 - 5,000

    2012 - 9,500

    9,500 - 5,000 = 4,500

    2012 - 1997 = 15 years

    (9,500/5,000) ^1/15 - 1

    1.9^1/15 - 1

    1.043718 - 1 = 0.043718

    0.043718 * 100% = 4.3718%

    The answer is D.) 4.37%
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