The population of a town increases by a growth factor of 1.49 over a four year period. If the town grows by the same percent each year, whatis annual percent growth rate?
The population of a town increases by a growth factor of 1.49 over a four year period. If the town grows by the same percent each year, whatis annual percent growth rate?
College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter8: Sequences, Series, And Probability
Section8.CT: Chapter Test
Problem 14CT
Related questions
Question
The population of a town increases by a growth factor of 1.49 over a four year period. If the town grows by the same percent each year, whatis annual percent growth rate?
round to two decimals
Expert Solution
Step 1
Given that the growth factor of 1.49 over a four year period.
Calculate the annual percent growth rate.
Here we use the formula:
Where, PR is the percent growth rate, is present or future value, and is past or present value.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
College Algebra (MindTap Course List)
Algebra
ISBN:
9781305652231
Author:
R. David Gustafson, Jeff Hughes
Publisher:
Cengage Learning
College Algebra (MindTap Course List)
Algebra
ISBN:
9781305652231
Author:
R. David Gustafson, Jeff Hughes
Publisher:
Cengage Learning
Algebra and Trigonometry (MindTap Course List)
Algebra
ISBN:
9781305071742
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
College Algebra
Algebra
ISBN:
9781305115545
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill