Respuesta :
In this question, the growth rate is "5.5" but before the calculation we need to explain it. so, it refers to the current value and subtracts this from the prior value. Its difference is then divided by the prior number and multiplied by 100 to provide a percentage estimate of the rate of growth, and the further calculation can be defined as follows:
Given:
[tex]\bold{Inital\ wage} =\$10.00}\\\\\bold{Fianl\ wage=\$ 15.35}\\\\\bold{time= 8 \ year}\\\\[/tex]
To find:
rate(r)=?
Solution:
Using formula:
[tex]\bold{Final \ wage= initial\ wage (1+ \frac{rate}{100})^{\text{time}}}\\\\[/tex]
[tex]\bold{ \$ 15.35= \$10.00 (1+ \frac{r}{100})^{8}}\\\\\bold{ \frac{\$ 15.35}{\$10.00}= (1+ \frac{r}{100})^{8}}\\\\\bold{\$ 1.535= (1+ \frac{r}{100})^{8}}\\\\\bold{\sqrt[8]{ \$ 1.535}= (1+ \frac{r}{100})}\\\\\bold{1.055= (1+ \frac{r}{100})}\\\\\bold{1.055= \frac{100+r}{100}}\\\\\bold{1.055\times 100= 100+r}\\\\\bold{105.5= 100+r}\\\\\bold{r=105.5-100}\\\\\bold{r=5.5}\\\\[/tex]
Therefore, the final answer is "5.5".
Learn more:
brainly.com/question/15034631
