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    SFCBryant's Avatar
    SFCBryant Posts: 1, Reputation: 1
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    #1

    Nov 29, 2007, 03:51 AM
    Compound Growth
    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's Avatar
    Clough Posts: 26,677, Reputation: 1649
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    #2

    Nov 29, 2007, 03:53 AM
    Is this a homework question?
    terryg752's Avatar
    terryg752 Posts: 197, Reputation: 4
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    #3

    Dec 1, 2007, 05:34 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.
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