Question

Say a certain service industry has 78.9 thousand jobs in 2003, but expects to increase at an average annual rate of 2.65 thousand jobs yearly from 2003 to 2013. If this holds true, what will be this industry’s percent increase from 2003 to 2013? a. 28% b. 30% c. 33% d. 40%

Answer 1

The correct option will be:  c.  33%

Explanation

In 2003, the number of jobs in the company is  78.9 thousands.

The number of jobs is increasing at an average annual rate of 2.65 thousand jobs yearly from 2003 to 2013.

From 2003 to 2013, there is 10 years.

So, the number of jobs that will be increased in 10 years $= (2.65*10)thousands = 26.5$ thousands.

Thus, the percentage of increase from 2003 to 2013 will be:  $\frac{26.5}{78.9}\times 100\% =33.586...\% \approx 33\%$