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SFCBryant
Nov 29, 2007, 02:51 AM
In 2004 a pound of apples cost $0.99, while oranges cost $1.14. Ten years earlier the price of apples was only $.72 a pound and that of oranges was $.55 a pound. What was the annual compound rate of growth in the price of the two fruits? If the same rates of growth persist in the future, what will be the price of apples in 2024? What about the price of oranges
Clough
Nov 29, 2007, 02:53 AM
Is this a homework question?
terryg752
Dec 1, 2007, 04:34 AM
I am not sure but I think it will be like this:

Use the following formula:

If g% is the rate of growth per year, then

$1 grows to (1 +g/100)^n

in n years.