The number of cars manufactured by a car manufacturer has increased from 40,000 to 46,305in 3 years at a constant rate. Find the annual rate of growth.
Question
The number of cars manufactured by a car manufacturer has increased from 40,000 to 46,305in 3 years at a constant rate. Find the annual rate of growth.
Solution
To find the annual rate of growth, we first need to find the total growth over the 3 years.
Step 1: Calculate the total growth Total growth = Final amount - Initial amount Total growth = 46,305 - 40,000 = 6,305 cars
Step 2: Calculate the annual growth Since the growth happened over 3 years, we divide the total growth by the number of years to find the annual growth. Annual growth = Total growth / Number of years Annual growth = 6,305 / 3 = 2,101.67 cars per year
So, the annual rate of growth is approximately 2,101.67 cars per year.
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