The first Super Bowl was played in 1967. The cost for a 30-second commercial was $42,000....
The first Super Bowl was played in 1967. The cost for a 30-second commercial was $42,000. The cost of a 30-second commercial for Super Bowl 38 was $2.2 million.
What was the geometric mean rate of increase for the 38 year period? (Round your answer to 2 decimal places.)
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Homework Answers
Solution: We are given:
The cost for a 30-second commercial in 1967 = $42,000
The cost for a 30-second commercial after 38 years = $2.2 million = $2,200,000
The Geometric mean rate of increase over time is determined using the below formula:
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