Average U.S. wages in 1990 were $28,960, far larger than the average wage in 1930 of $1,970. What was the average annual increase in wages over this 60-year period?
A) 3.31%
B) 2.45%
C) 24.50%
D) 4.58%
Answer: D
Explanation: D) r = (FV/PV)1/n - 1 = ($28,960/$1,970)1/60 = 4.58%
MODE = END
INPUT 60 ? -1,970 0 28,960
KEY N I/Y PV PMT FV
CPT 4.58
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