Question

PLEASE HELP ME !!
The 1997 a value of an object was $5000. In 2012 , it was worth $9500. The annual percent growth has been constant. What is the annual percent growth??
A) 1.37%
B) 2.37%
C) 3.37%
D ) 4. 37%

Answer 1

1997: 5000
1998: 5000(1+r)
1999: 5000(1+r)(1+r)
2000: 5000(1+r)(1+r)(1+r)

1997+n = 5000(1+r)^n

so we need to determine how many years have passed

then apply

A = P(1+r)^n

A/P = (1+r)^n

nrt(A/P) = 1+r

nrt(A/P) -1 = r

Answer 2

Im lost ..

Answer 3

I know that between 1997 - 2012 , passed 15 years , & that $4,500 increased between those years

Answer 4

then we just fill in the values

(9500/5000)^(1/15) -1 = r

Answer 5

http://www.wolframalpha.com/input/?i=%289500%2F5000%29%5E%281%2F15%29+-1

multiply by 100 to get it to look like an option

Answer 6

oh I got d ??