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Question
What is the simple annual/average growth rate of average price of silver from 2008 to 2012? (Approximate)
What is the simple annual/average growth rate of average price of silver from 2008 to 2012? (Approximate)
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Solution
The correct option is D 14%
Average silver price in 2008 = 15,400 – 11,800 = 3,600
Average silver price in 2012 = 31,300 – 25,700 = 5,600
5,600−3,6003,600 × 1004= 13.89% ~ 14% (approx.)
Average silver price in 2008 = 15,400 – 11,800 = 3,600
Average silver price in 2012 = 31,300 – 25,700 = 5,600
5,600−3,6003,600 × 1004= 13.89% ~ 14% (approx.)
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