Assume the average vehicle selling price in the United States last year was $36,420. The average price five years earlier was $31,208. What was the annual increase in the selling price over this time period? Multiple Choice 3.14 percent 3.01 percent 2.56 percent 2.89 percent 1.67 percent
We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
36420=31208*(1+r/100)^5
(36420/31208)^(1/5)=(1+r/100)
(1+r/100)=1.0314
r=1.0314-1
=3.14%(Approx).
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