Say a certain manufacturing industry has 63.1 thousand jobs in 2008, but is expected to decline at an average annual rate of 1.7 thousand jobs per year from 2008 to 2018. Assuming this holds true, what will be this industry's percent change from 2008 to 2018?

Question

Perez

Mathematics

27 August, 19:50

Say a certain manufacturing industry has 63.1 thousand jobs in 2008, but is expected to decline at an average annual rate of 1.7 thousand jobs per year from 2008 to 2018. Assuming this holds true, what will be this industry's percent change from 2008 to 2018?

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Answers (1)

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Luis · Answer 1

2008 63.1

2009 63.1 - 1.7

2010 63.1 - 1.7*2

2011 63.1 - 1.7*3

x 63.1 - (x - 2008) * 1.7

2018 63.1 - (2018 - 2008) * 1.7

63.1 - (10) * 1.7 = 63.1 - 17 = 46.1

Change from 2008 - 2018 = 63.1 - 46.1 = 17

% of change = change * 100 / initial value = 17*100/67.1 = - 25. 3%.

The negative sign indicates that the change was a decline, instead of an increase.

Answer: - 25.3%