In 1970, before the era of major league baseball free agency, the minimum player salary was $12,000. In 1975, the minimum salary was $16,000. What was the average annual growth in the minimum salary in major league baseball over those five years?
A) 13.40%
B) 2.67%
C) 5.92%
D) 15.00%
Answer: C
Explanation: C) r = (FV/PV)1/n - 1 = ($16,000/$12,000)1/5 - 1 = 5.92%
MODE = END
INPUT 5 ? -12,000 0 16,000
KEY N I/Y PV PMT FV
CPT 5.92
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