Geometric Mean Rate of Increase
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A recent article suggested that if you earn $25,000 a year today and the inflation rate continues at 3 percent per year, you'll need to make $33,598 in 10 years to have the same buying power. You would need to make $44,771 if the inflation rate jumped to 6 percent.
Confirm that these statements are accurate by finding the geometric mean rate of increase.
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Solution Summary
Geometric mean rate of increase is investigated.
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Geometric mean is calculated by this formula:
Here you have X = 3% for all years 1 to 10
So you geometric mean =
So the geometric mean ...
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