Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In October 2017 a pound of apples cost $1.45, while oranges cost $1.09. Three years earlier the price of apples was only $1.24 a pound

In October 2017 a pound of apples cost $1.45, while oranges cost $1.09. Three years earlier the price of apples was only $1.24 a pound and that of oranges was $0.95 a pound.

a.What was the annual compound rate of growth in the price of apples?(Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

b.What was the annual compound rate of growth in the price of oranges?(Do not round intermediate calculations. Enter your answer as a percent rounded 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.If the same rates of growth persist in the future, what will be the price of oranges in 2030?(Do not round intermediate calculations. Round your answer to 2 decimal places.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Algebra

Authors: Michael Sullivan, Michael Sullivan III

11th Edition

0135226864, 9780135226865

Students also viewed these Finance questions