Ask Experts Questions for FREE Help !
Ask
    SFCBryant's Avatar
    SFCBryant Posts: 1, Reputation: 1
    New Member
     
    #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
    Uber Member
     
    #2

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

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Compound Growth [ 1 Answers ]

Need assistance with calculating this in Excel: In 2004 a pound of apples cost .99 cents while oranges cost $1.14 (assuming in 2004). 10 years earlier the price was .72 cents/lb. and oranges were .55 cents/pound. What was the annual compound rate of growth in the price of both fruits? If...

Compound interest [ 1 Answers ]

James wants to take out a loan. Suppose he can afford to make monthly payments of 100 dollars and the bank charges interest at an annual rate of 10 percent, compounded monthly. What is the maximum amount that James could afford to borrow if the loan is to be paid off eventually?

Compound Interest [ 2 Answers ]

If an investment is up 88% over 6 years (simple interest) what is the compound rate of growth per anum. My question was not for the purposes of homework.. I need the number for a real world reason. Unfortunately, I am very bad in math and could never figure out how to do this formula

Compound interest [ 1 Answers ]

Can you please tell me how I can calculate manually. If 2000.00 is invested at 4% interest a year, compounded yearly.. How many years would it take to accumulate 100,000 Please help Thanks Miladys


View more questions Search