Question

In january 2007, the average price of an asset was $28,158. 8 years earlier, the average price was $21,408. what was the annual increase in selling price?

Answer 1

Initial asset is $28,158.
Final asset is $21,407.

The difference is

`28158 - 21408 = 6750`
Since this is a span of 8 years, $6,750 is divided by 8.


`6750 / 8 = 843.75`
On average, the asset increases by $843.75.