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During the period from 2003 through 2010, gold prices doubled every 3 years (approximately).

(a) What was the yearly growth factor for the price of gold during this period? (Round your answer to two decimal places.)  ________.

(b) Explain in practical terms the meaning of the growth factor you found in part (a).

         A yearly growth factor of _______  means that to find next year's gold price, ______ (divide, exponential, multiply, increase, decrease) this year's price by _______.

idenny  Mar 14, 2017
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 #1
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2010 - 2003 = 7 years elapsed

7/3 =2 1/3 number of doublings

2^(2 1/3) =5.04 x 100 =504% increase in price of gold in 7 years.

504% ^(1/7) =5.04^(1/7) =~26% per year - increase in gold price.

Next year's price =This year's price x 1.26

Guest Mar 14, 2017
 #2
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these are wrong. except 1.26

idenny  Mar 14, 2017

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