Hello,
I could really use some help with this problem.
If the national economy shrank at an annual rate of 7% per year for three consecutive years, then the economy shrank by 21% over the three-year period. -
Of course, I understand 7% would be 93. I have tried doing E x 0.93 x 0.93 x 0.93 with E=100 but still cannot figure out how to arrive at the right answer. Any help would be appreciated.
what do you think is the right answer?
the problem statement is not correct
your calculations are fine
How do I go about finding the correct percentage? I'm on MathLab, so every time I get the question wrong, they give me the exact same problem/scenario, but with a single digit difference. My calculations must be off somewhere because I still can't seem to get the correct answer. - Sorry, dealing literally a radiated brain and am struggling a bit
I know the actual answer is 19.6, but I am not getting that answer with my calculations. I don't want to move on until I understand what I am doing wrong. :(
Please, so, how, when I get to the answer of 80.44 (from multiplying as i stated above) do I determine what the percentage increase is?
.93^3 = .804357
1 - .804357 = .195643
rounds to 19.6%
.93^3=0.804357
1-.93^3=.196