Say a certain service industry has 78.9 thousand jobs in 2003, but expects to increase at an average annual rate of 2.65 thousand jobs yearly from 2003 to 2013. If this holds true, what will be this industry's percent increase from 2003 to 2013?

Question

Kimberly Leonard

Mathematics

21 November, 12:53

Say a certain service industry has 78.9 thousand jobs in 2003, but expects to increase at an average annual rate of 2.65 thousand jobs yearly from 2003 to 2013. If this holds true, what will be this industry's percent increase from 2003 to 2013?

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Answers (1)

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Chewie · Answer 1

Number of years = 10 years

Total number of new jobs = 2.65 thousand x 10 = 26.5 thousand = 26,500

Number of jobs in 2013 = 78,900 + 26,500 = 105,400

% increase = (105,400 - 78,900) / 78,900 x 100 = 26,500/78,900 x 100 = 0.3359 x 100 = 33.59%