An economy grows at the rate of 2% in the first year, 2.5% in the second year, 3% in the third year, 4% in the fourth year, and 10% in 10th year. What is the average rate of growth of the economy?
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Answers
Chapter 2: Measure Of Central Tendency:
The numerical value of an observation (also called central value) around which most numerical values of other observations in the data set show a tendency to cluster or group, called the central tendency.
The extent to which numerical values are dispersed around the central value, called variation.
The extent of departure of numerical values from symmetrical (normal) distribution around the central value, called skewness.
These three properties – central tendency, variation and shape of the frequency distribution – may be used to extract and summarize major features of the data set by the application of certain statistical methods called descriptive measure of summary measures.
Answer:
The answer is 5.6088
Step-by-step explanation:
We have to use the Geometric Mean in this case
