Which of the following is the closest to the percent change in growth rate of 2010 (over 2009) relative to the growth rate of 2009 (over 2008) for gold? (Approximate)

31%

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20%

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58%

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29%

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Solution

The correct option is C 58%
Average price of gold in 2008 = 11,800

Average price of gold in 2009 =14,600

Average price of gold in 2010 =19,000

The growth rate of 2009 (over 2008) for gold = $\frac{14, 600 - 11, 800}{11, 800}$ = $\frac{2, 800}{11, 800}$ $\times$ 100 = 23.7%

The growth rate of 2010 (over 2009) for gold = $\frac{19, 000}{14, 600}$ = $\frac{4, 400}{14, 600}$ $\times$ 100= 30.1%

Required change = $\frac{30.1 - 23.7}{23.7}$ $\times$ 100 = 27%.

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