Question

4. The price of a precious metal increased from 1,000 per g to 4,913 per g in three years. If the price increased steadily over the years, find the average growth percentage.

Answer 1

Answer:

70%

Step-by-step explanation:

4913=1000(1+R/100)³

4913/1000=(1+R/100)³

(17/10)³=(1+R/100)³

(17/10)=(1+R/100)

17/10-1=R/100

7/10=R/100

R=7/10×100

R=70% p.a