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Geometric mean rate of increase
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 ame buying power. You will 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.
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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 $38,598 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...
Is this correct: find the geometric mean rate of increase. The question is 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. (33598/25000)^1/10 = 1.03 ...
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