Compound Interst

Question

According to the U.S. Department of Labor, the average weekly earnings of wage and salary workers who were not members of a union was $410 in 1996 and $696 in 2003. Determine the approximate average annual rate of increase in wages for these seven years. (Round your final answer to two decimal places.)

Answer 1

start=410, end=696$, time span=7yeers

end/start=696/410=1.69756

gro rate=7.853 %/yeer (kompound 1 per yeer)