Homework SourseIn 1999 a total of 14956000 taxpayers in the United States f
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.) |
Solution
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]
