I need help…again plz?
Ok so I dont really know how to do this problem so if u could help me plz?
Three years after a company was founded, its assets were $11,283,500 Ten years after being founded, its assets had grown to $21,794,600. During that period of time, at what rate did the company grow per year???????
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A = PrT/100
A = current assets
P = prev starting assets
r = rate persentile
to find rate
r = 100A/PT
=19.32%
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solve the folowing equation to get the rate of growth:
21794600/11283500 = {1+r/100}^7
Get the 7th root of the ratio on the left side, subtract 1 and multiply by 100 to get the % growth
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