Hello,

Question

I could really use some help with this problem.

If the national economy shrank at an annual rate of 7​% per year for three consecutive​ years, then the economy shrank by 21​% over the three​-year period. -
Of course, I understand 7% would be 93. I have tried doing E x 0.93 x 0.93 x 0.93 with E=100 but still cannot figure out how to arrive at the right answer. Any help would be appreciated.

Answer 1

what do you think is the right answer?

the problem statement is not correct

your calculations are fine

Answer 2

How do I go about finding the correct percentage? I'm on MathLab, so every time I get the question wrong, they give me the exact same problem/scenario, but with a single digit difference. My calculations must be off somewhere because I still can't seem to get the correct answer. - Sorry, dealing literally a radiated brain and am struggling a bit

Answer 3

I know the actual answer is 19.6, but I am not getting that answer with my calculations. I don't want to move on until I understand what I am doing wrong. :(

Answer 4

Please, so, how, when I get to the answer of 80.44 (from multiplying as i stated above) do I determine what the percentage increase is?

Answer 5

.93^3 = .804357

1 - .804357 = .195643

rounds to 19.6%

Answer 6

.93^3=0.804357
1-.93^3=.196

Answer 7

yalldumb