The Marshall and Swift (M&S) equipment cost index started with a base value of 100 in 1926. Determine the average (compound) percentage increase per year between 1926 and 2011 when the index value was 1490.2.
What will be an ideal response?
Let i = decimal increase from 1926 to 2011, which is 85 years
1490.2 = 100(F/P,i,85)
14.902 = (1+i)??
(1+i) = 1.03229
i = 0.0323 (3.23 % per year)
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