In 1999, a total of 14,956,000 taxpayers in the United States filed their indivi

Question

In 1999, a total of 14,956,000 taxpayers in the United States filed their individual tax returns electronically. By the year 2009, the number increased to 47,151,000. What is the geometric mean annual increase for the period? (Round your answer to 2 decimal places.)

In 1999, a total of 14,956,000 taxpayers in the United States filed their individual tax returns electronically. By the year 2009, the number increased to 47,151,000. What is the geometric mean annual increase for the period? (Round your answer to 2 decimal places.)

Explanation / Answer

As

P = Po (1+r)^t

Then

47151000 = 14956000(1+r)^10

(47151000/14956000)^(1/10) - 1 = r

r = 0.121676304 or 12.168% [ANSWER]

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.