Question

Abby owns a comic book that originally sold for 12¢ in 1969. In 2014, the comic book had an appraised valued of $3,700. Given that the annual percentage rate has been constant, what is the annual percentage rate of growth?

A) 23.28% B) 25.82% C) 26.33% D) 28.94%

Answer 1

Hi,

Answer: B) 25.82%

My work: For this problem you can easily achieve this problem (Preferably with a caculator) by taking the date’s 2014 and 1969 the time of growth and subtract them. When you do this you get the answer 45. From there you you take 45 (With caculator) and multiply it with 25.82 % (To do this you take 25.82 and press 2nd, then the percent). When you do this you get 11.619 which rounded is 12; furthermore, which is your answer.

I Hope I Helped!