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?

Answer 1

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Explanation:

Answer 2

Number of years = 10 years
Total number of new jobs = 2.65 thousand x 10 = 26.5 thousand = 26,500
Number of jobs in 2013 = 78,900 + 26,500 = 105,400

% increase = (105,400 - 78,900)/78,900 x 100 = 26,500/78,900 x 100 = 0.3359 x 100 = 33.59%