Four years ago, Robert's annual salary was $52,500. Today, he earns $73,800. What has been the average annual rate of growth of Robert's salary?
A) $5,325 per year
B) 10.38%
C) 41.52%
D) 8.89%
Answer: D
Explanation: D) r = (FV/PV)1/n - 1 = ($73,800/$52,500)1/4 - 1 = 8.89%
MODE = END
INPUT 4 ? -52,500 0 73,800
KEY N I/Y PV PMT FV
CPT 8.89
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