In 1996, a total of 40,257,000 taxpayers in the United States filed their individual tax returns...
In 1996, a total of 40,257,000 taxpayers in the United States filed their individual tax returns electronically. By the year 2015, the number increased to 241,364,256.
What is the geometric mean annual increase for the period?
Homework Answers
There are 19 years between 2016 and 1996.
The geometric mean of a set of n positive numbers is given by the formula:
GM = [(x1)(x2)(x3)........]^1/n i.e. the nth root of the product of these values
Thus, the rate of increase over time formula is given by:
GM = [value at the end of the period / value at the start of the period ]^1/n - 1
= [241,364,256 / 40,257,000] ^ 1/19 - 1
= 0.0976 or 9.76% per year
Ans. 9.76% per year
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