Question
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.)
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Intermediate Accounting Volume 2
Authors: Thomas H. Beechy
5th Edition
0071091319, 978-0071091312
