The average price of Yankee season ticket behind home plate was 27,858 in 2011. nine years earlier, the average price was 21308. What was the annual increase in price?
We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
27,858=21308*(1+r/100)^9
(27,858/21308)^(1/9)=(1+r/100)
(1+r/100)=1.0302
r=1.0302-1
=3.02%(Approx).
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