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Sales of $26,900 grow to $78,000 in 11 years. Calculate the percentage growth p.a.

i don't know the formula for this question and the teacher didn't explain it very well so I don't understand it very well

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Walter B. | Success-Based Tutor Specializing in Your StudentSuccess-Based Tutor Specializing in Your...
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We are looking for the growth rate that will grow $26,900 into $78,000 in 11 years.
 
The formula is:
 
Future Value = Present Value * (1+growth rate)11
 
Rearranging gives us
 
(Future Value/Present Value) = (1+growth rate)11
 
Taking the 11th root of both sides yields
 
(Future Value/Present Value)^(1/11) = (1+growth rate) = 1.1016
(1+growth rate) = 1.1016 therefore growth rate = 1.1016  - 1 = .1016 or 10.16% for the growth rate that is needed to increase $26,900 to $78,000 in 11 years.
 
Hope this helps