The metropolitan area of Los Angeles–Long Beach, California, showed the largest

Question

The metropolitan area of Los Angeles–Long Beach, California, showed the largest increase in the number of jobs between 1984 and 2013. The number of jobs increased from 5,169,700 to 6,293,900. What was the geometric mean expected yearly rate of increase? (Round your answer to 2 decimal places.)

The metropolitan area of Los Angeles–Long Beach, California, showed the largest increase in the number of jobs between 1984 and 2013. The number of jobs increased from 5,169,700 to 6,293,900. What was the geometric mean expected yearly rate of increase? (Round your answer to 2 decimal places.)

Explanation / Answer

2013 - 1984 = 29

Exponential growth rate = (final value / initial value)1/29

                                      = (6293900 / 5169700)1/29

                                      = 1.0068

Geometric mean = 0.0068 = 0.68%

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