Your parents are complaining about the price of items today compared t
Your parents are complaining about the price of items today compared to what they cost years ago. If an
automobile that cost $12,000 in 1980 costs $40,000 in 2010, calculate the annual growth rate in the automobile’s
price.
What will be an ideal response?
ANSWER
4.26%, based on PV = $12,000; FV = $42,000; N = 30; I = (42000/12000)(1/
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