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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Answer: 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
10% in 10th year.
Step-by-step explanation:
Total number of years=10
The total rate of percentage increased every year= (2+2.5+3+4+5+6+7+8+9+10)%
=56.5%
The average rate of growth of the economy= Total rate of percentage increased every year/total number of years
=56.5%/10
=5.65%
Ans: The average rate of growth of the economy is 5.65%
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