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30 October, 02:36

the national economy shrank in an annual rate of 8% per year for three consecutive years then the economy shrank by 24% over the three year. The economy actually shrank by what percentage over 3 year.

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  1. 30 October, 02:58
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    The economy is at a level that is (1 - 8%) ³ = 0.778688 of the level it was at the beginning of the 3-year period. It has shrunk by

    ... 1 - 0.778688 ≈ 22.1%
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