math 131 college class

Question

The library at a certain university reported that journal prices had increased by 190% over a period of 10 years. The report concluded that this represented a price increase of 19% each year. If journal prices had indeed increased by 19% each year, what percentage increase would that give over 10 years? (Round your answer as a percentage to the nearest whole number.)

Answer 1

Assume a journal price was originally $100

year 0: 100

year 1 119

year 2 141.61

year 3 168.52

year 4 200.53

5 238.64

6 283.98

7 337.93

8 402.14

9 478.54

10 $569.47

increase over 10 years = 469.47%

.(569.47 -100)/100 = 469.47/100 =4.6947 = 469.47%

use another number for the original journal price and you'll get the same % increase