Question

Say a certain service industry has 78.9 thousand jobs in 2003, but expects to increase at an average annual rate of 2.65 thousand jobs yearly from 2003 to 2013. If this holds true, what will be this industry’s percent increase from 2003 to 2013? a. 28% b. 30% c. 33% d. 40%

Answer 1

33%

Explanation:

In 2003, there were 78.9 thousand jobs in the industry and it increases annually by 2.65 thousand jobs from 2003 to 2013.

Hence, from 2003 to 2013, i.e. 10 years the jobs have increased by (2.65×10) = 26.5 thousand.

Therefore, the percent increase in jobs in the industry from 2003 to 2013 is given by
`(26.5*100)/(78.9) = 33.6` % ≈ 33%. (Answer)