a value of 2.40 increased to 4.48 in 5 years. what is the change in percentage each year? this one was difficult to figure out..
let the rate of increase for each year be i
then
2.4(1+i)^5 = 4.48
(1+i)^5 = 4.48/2.4 = 1.8666667
take the 5th root of both sides
1+i = 1.133
i = .133
so the annual rate of increase was 13.3%
Is there other methods to solve for this problem?
nope, not if you want the rate to be the same each year as you stated
I could not figure this out with the regular % differece. Is this an algebric problem.
To find the change in percentage each year, we need to calculate the percentage increase between the initial value of 2.40 and the final value of 4.48 over 5 years.
Step 1: Calculate the total change in value.
The change in value is the final value minus the initial value:
Change = 4.48 - 2.40 = 2.08
Step 2: Calculate the percentage change per year.
To find the percentage change per year, we divide the total change by the number of years:
Percentage change per year = (Total change / Initial value) * 100 / Number of years
Percentage change per year = (2.08 / 2.40) * 100 / 5
Calculating this expression will give us the change in percentage each year.
Let's go ahead and compute it:
Percentage change per year = (2.08 / 2.40) * 100 / 5
Percentage change per year = 0.8667 * 100 / 5
Percentage change per year = 17.33
Therefore, the annual change in percentage is approximately 17.33%.