In 1975, the era of major league baseball free agency began. The average player salary was $16,000. In 1980, the average salary was $30,000. What was the average annual growth in the minimum salary in major league baseball over those five years?
A) 37.50%
B) 13.40%
C) 5.92%
D) 10.67%
Answer: B
Explanation: B) r = (FV/PV)1/n - 1 = ($30,000/$16,000)1/5 = 13.40%
MODE = END
INPUT 5 ? -16,000 0 30,000
KEY N I/Y PV PMT FV
CPT 13.40
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