In 1930, the highest paid player in major league baseball was Babe Ruth of the New York Yankees, with an annual salary of $80,000
In 2005, the highest paid player in major league baseball was Alex Rodriguez, also of the New York Yankees, with a salary of $25,000,000. What was the average annual rate of growth in the top baseball salary over this time period?
A) 7.96%
B) 18.70%
C) 3.31%
D) 4.17%
Answer: A
Explanation: A) r = (FV/PV)1/n - 1 = ($25,000,000/$80,000)1/75 = 7.96%
MODE = END
INPUT 75 ? -80,000 0 25,000,000
KEY N I/Y PV PMT FV
CPT 7.96
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