Homework Answers
| % increase in Average price = 2.7% | |
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| Please find below the answer | |
| Statement showing Computations | |
| Particulars | Amount |
| Price in 1993 | 14,400.00 |
| Price in 2014 | 25,200.00 |
| No of years in between | 21.00 |
| A=P(1+r/100)^21 | |
| 25200 = 14400(1+r/100)^21 | |
| 1.75 = (1+r/100)^21 | |
| 1.027 = 1 + r/100 | |
| r = 2.7% | |
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