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    no_name_84's Avatar
    no_name_84 Posts: 2, Reputation: 1
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    #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.
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    no_name_84 Posts: 2, Reputation: 1
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    #2

    Feb 3, 2009, 06:10 AM
    Quote Originally Posted by no_name_84 View Post
    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's Avatar
    Curlyben Posts: 18,514, Reputation: 1860
    BossMan
    		  
    #3

    Feb 3, 2009, 06:11 AM
    Thank you for taking the time to copy your homework to AMHD.
    Please refer to this announcement: Ask Me Help Desk - Announcements in Forum : Homework Help
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