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Annual compound rate of growth in the price of apples

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In October 2017 a pound of apples cost $1.45, while oranges cost $1.09. Three years earlier the price of apples was only $1.24 a pound and that of oranges was $0.95 a pound.

a. What was the annual compound rate of growth in the price of apples? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

b. What was the annual compound rate of growth in the price of oranges? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

c. If the same rates of growth persist in the future, what will be the price of apples in 2030? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

d. If the same rates of growth persist in the future, what will be the price of oranges in 2030? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Reference no: EM132528449

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