Question

a value of 2.40 increased to 4.48 in 5 years. what is the change in percentage each year? this one was difficult to figure out..

Answer 1

let the rate of increase for each year be i
then
2.4(1+i)^5 = 4.48
(1+i)^5 = 4.48/2.4 = 1.8666667
take the 5th root of both sides
1+i = 1.133
i = .133

so the annual rate of increase was 13.3%

Answer 2

Is there other methods to solve for this problem?

Answer 3

nope, not if you want the rate to be the same each year as you stated

Answer 4

I could not figure this out with the regular % differece. Is this an algebric problem.