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 1987 and 2007. The number of jobs increased from 5,173,000 to 6,275,800. What was the geometric mean expected yearly rate of increase? (Round your answer 2 decimal places)

The metropolitan area of Los Angeles–Long Beach, California, showed the largest increase in the number of jobs between 1987 and 2007. The number of jobs increased from 5,173,000 to 6,275,800. What was the geometric mean expected yearly rate of increase? (Round your answer 2 decimal places)

Explanation / Answer

initial value = Vi = 5,173,000
final value = Vf = 6,275,800
N = number of years = 20
calculating the geometric mean (also known as the exponential growth rate) is:
R = (Vf / Vi) ^ (1 / N)
= (6,275,800/ 5,173,000) ^ (1 / 20)
= (1.2131) ^ 1/20
= 1.00970

there for 0.97% yearly rate of increase in the population

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