Problema Solution
Grew chicken farm from 2 chickens to 45 chickens over 4 years. What was the annual growth rate?
Answer provided by our tutors
The formula for calculating the annual growth rate is:
Annual Growth Rate = ((f/s)^(1/y) - 1)*100,
where f is the final value, s is the starting value, and y is the number of years.
s = 2
f = 45
y = 4 years
Annual Growth Rate = ((45/2)^(1/4) - 1))*100
Annual Growth Rate = 117.79%