Question
In April 2016 a pound of apples cost $1.41, while oranges cost $1.05. Four years earlier the price of apples was only $1.20 a pound
In April 2016 a pound of apples cost $1.41, while oranges cost $1.05. Four years earlier the price of apples was only $1.20 a pound and that of oranges was $.91 a pound.
a. What was the annual compound rate of growth in the price of apples? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
b. What was the annual compound rate of growth in the price of oranges?(Do not round intermediate calculations. Round your answer to 2 decimal places.)
c. If the same rates of growth persist in the future, what will be the price of apples in 2030?(Do not round intermediate calculations. Round your answer to 2 decimal places.)
d.What about the price of oranges?(Do not round intermediate calculations. Round your answer to 2 decimal places.)
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