SOLUTION: If the national economy shrank to an annual rate of 9% per year for four consecutive years, then the economy shrank by 36% over the four-year period.
The economy actually shrank b
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Question 1040308: If the national economy shrank to an annual rate of 9% per year for four consecutive years, then the economy shrank by 36% over the four-year period.
The economy actually shrank by ___% over the four-year period?
True or False.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
If the national economy shrank to an annual rate of 9% per year for four consecutive years, then the economy shrank by 36% over the four-year period.
False
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The economy actually shrank by ___% over the four-year period?
Let the economy be "e"::
e*(1-0.09)^4 = e(68.57)
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Ans:: Actual shrinkage:: 1-0.68.57 = 31.25%
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Cheers,
Stan H.
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