In April 2013 a pound of apples cost $1.42, while oranges cost $1.06
Question
In April 2013 a pound of apples cost $1.42, while oranges cost $1.06. Three years earlier the price of apples
was only $1.21 a pound and that of oranges was $.92 a pound.
| a. | What was the annual compound rate of growth in the price of apples? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) |
| Compound annual growth rate | % per year |
| b. | What was the annual compound rate of growth in the price of oranges? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) |
| Compound annual growth rate | % per year |
| c. | If the same rates of growth persist in the future, what will be the price of apples in 2030? (Do not round intermediate calculations. Round your answer to 2 decimal places.) |
| Price | $ |
| d. | If the same rates of growth persist in the future, what will be the price of oranges in 2030? (Do not round intermediate calculations. Round your answer to 2 decimal places.) |
| Price | $ |
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