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25 May, 05:04

If an asset declines in value from $5,000 to $4,100 over 9 years, what is the mean annual growth rate in the asset's value over these 9 years? Enter your answer as a percentage. If needed, round your answer to 2 digit decimals.

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  1. 25 May, 05:34
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    2.4 %

    Step-by-step explanation:

    annual growth is the changes in the value of asset

    STEP 1: annual growth rate

    = (current value - old value) / old value

    = (4100 - 5000) / 4100

    = - 0.2195 / / 21.95%

    Step 2: Mean of x

    mean of x = average of x

    = total of x / count of x (x here is the annual growth rate)

    = annual growth rate / no of years

    = - 0.2195 / 9

    = - 0.02 / / 2.4 %
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