4-20. In 1885, first-class postage for a one-ounce letter cost $0.02. The same postage in 2015 costs $0.49. What compounded annual increase in the cost of first- class postage has been experienced over this period of time? (4.6)

4-20. In 1885, first-class postage for a one-ounce letter cost $0.02. The same postage in 2015 costs $0.49. What compounded annual increase in the cost of first- class postage has been experienced over this period of time? (4.6)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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4-20. In 1885, first-class postage for a one-ounce letter
cost $0.02. The same postage in 2015 costs $0.49.
What compounded annual increase in the cost of first-
class postage has been experienced over this period of
time? (4.6)

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