Question
In December 2020, a pound of lemons cost $1.896, while a pound of bananas cost $0.572. Three years earlier, the price of lemons was $1.989
In December 2020, a pound of lemons cost $1.896, while a pound of bananas cost $0.572. Three years earlier, the price of lemons was $1.989 a pound and that of bananas was $0.558.
a. What was the annual compound rate of growth in the price of lemons?
Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 4 decimal places. Negative answers should be indicated with a minus sign.
b. What was the annual compound rate of growth in the price of bananas?
Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 4 decimal places.
c. If the same rates of growth persist in the future, what will be the price of lemons in 2030?
Note: Do not round intermediate calculations. Round your answer to 2 decimal places.
d. What about the price of bananas?
Note: Do not round intermediate calculations. Round your answer to 2 decimal places.
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