question archive In 2016, the automobile industry announced the average vehicle selling price was $34,958
In 2016, the automobile industry announced the average vehicle selling price was $34,958
Subject:FinancePrice:2.87 Bought7
In 2016, the automobile industry announced the average vehicle selling price was $34,958. Five years earlier, the average price was $27,641.
What was the annual percentage increase in vehicle selling price? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
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Answer:
| Annual average growth rate=((last value/First value)^(1/Time between 1st and last value)-1)*100 |
| Annual Growth rate=((34958/27641)^(1/5)-1)*100 |
| Annual Growth rate% = 4.81 |
