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The average price of a certain model of boat in 1993 was $14,400. In 2014, the average price of the boat was $25,200. What is

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Answer #1
% increase in Average price = 2.7%
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Statement showing Computations
Particulars Amount
Price in 1993              14,400.00
Price in 2014              25,200.00
No of years in between                       21.00
A=P(1+r/100)^21
25200 = 14400(1+r/100)^21
1.75 = (1+r/100)^21
1.027 = 1 + r/100
r = 2.7%
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