Answer
$ 9.2\%$
Work Step by Step
In 1950, PV= 500 (thousands)
In 2000 (t=50 years), FV=2,800 thousands
$INT=PVrt$
$FV-PV=PVrt\qquad $... solve for r ...
$r=\displaystyle \frac{FV-PV}{PV\cdot t}=\frac{2800-500}{500\cdot 50}=$0.092
$ 9.2\%$
Finite Math and Applied Calculus (6th Edition)
by Waner, Stefan; Costenoble, Steven
Published by
Brooks Cole
ISBN 10:
1133607705
ISBN 13:
978-1-13360-770-0
Chapter 2 - Section 2.1 - Simple Interest - Exercises - Page 134: 37
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