If the national economy shrank at an annual rate of 12% per year for three consecutive years, then the economy shrank by 36% over the three-year period.What percentage did the economy shrink by?

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.58TI: What is the total effect on the economy of a government tax rebate of $500 to each household in...
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If the national economy shrank at an annual rate of 12% per year for three consecutive years, then the economy shrank by 36% over the three-year period.What percentage did the economy shrink by?

 

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