Homework Answers
F = P(1 + i)n
7056 = 4548.44(1 + i)9
(1 + i)9 = 7056 / 4548.44 = 1.5513
1 + i = 9th root of 1.5513
1 + i = 1.05
i = 1 - 1.05 = 0.05 or 5%
Thus, the annual rate of increase is approximately 5%.
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