no_name_84 Posts: 2, Reputation: 1 New Member #1 Feb 3, 2009, 06:08 AM
Statistics Homework
A recent article suggested that if you earn \$25,000 a year today and the inflation rate continues at 3 percent per year, you'll need to make \$33,598 in 10 years to have the same buying power. You would need to make \$44,771 if the inflation rate jumped to 6 percent. Confirm that these statements are accurate by finding the geometric mean rate of increase.
 no_name_84 Posts: 2, Reputation: 1 New Member #2 Feb 3, 2009, 06:10 AM
Originally Posted by no_name_84
A recent article suggested that if you earn \$25,000 a year today and the inflation rate continues at 3 percent per year, you'll need to make \$33,598 in 10 years to have the same buying power. You would need to make \$44,771 if the inflation rate jumped to 6 percent. Confirm that these statements are accurate by finding the geometric mean rate of increase.
I know I need to use the mean standard deviation but I am getting all mixed up and am not sure here
 Curlyben Posts: 18,493, Reputation: 1860 BossMan #3 Feb 3, 2009, 06:11 AM
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