×
Log in to StudySoup
Get Full Access to Statistics - Textbook Survival Guide
Join StudySoup for FREE
Get Full Access to Statistics - Textbook Survival Guide

Geometric Mean The geometric mean is often used in

Elementary Statistics | 12th Edition | ISBN: 9780321836960 | Authors: Mario F. Triola ISBN: 9780321836960 18

Solution for problem 37BB Chapter 3.2

Elementary Statistics | 12th Edition

  • Textbook Solutions
  • 2901 Step-by-step solutions solved by professors and subject experts
  • Get 24/7 help from StudySoup virtual teaching assistants
Elementary Statistics | 12th Edition | ISBN: 9780321836960 | Authors: Mario F. Triola

Elementary Statistics | 12th Edition

4 5 1 388 Reviews
15
4
Problem 37BB

Geometric Mean The geometric mean is often used in business and economics for finding average rates of change, average rates of growth, or average ratios. Given n values (all of which are positive), the geometric mean is the nth root of their product. Find the average growth factor for money deposited in annual certificates of deposit for the past 5 years (as of this writing) with annual interest rates of 1.7%, 3.7%, 5.2%, 5.1%, and 2.7% by computing the geometric mean of 1.017, 1.037, 1.052, 1.051, and 1.027. What single percentage growth rate would be the same as having the five given successive growth rates? Is that result the same as the mean of the five annual interest rates?

Step-by-Step Solution:
Step 1 of 3

Solution 37BB

 The single percentage growth rate is (1.0367-1.00)x100%=3.67%.The mean percentage of annual interest rates...
Step 2 of 3

Chapter 3.2, Problem 37BB is Solved
Step 3 of 3

Textbook: Elementary Statistics
Edition: 12
Author: Mario F. Triola
ISBN: 9780321836960

Since the solution to 37BB from 3.2 chapter was answered, more than 447 students have viewed the full step-by-step answer. The full step-by-step solution to problem: 37BB from chapter: 3.2 was answered by , our top Statistics solution expert on 03/15/17, 10:30PM. This full solution covers the following key subjects: Rates, mean, geometric, average, growth. This expansive textbook survival guide covers 121 chapters, and 3629 solutions. This textbook survival guide was created for the textbook: Elementary Statistics, edition: 12. The answer to “Geometric Mean The geometric mean is often used in business and economics for finding average rates of change, average rates of growth, or average ratios. Given n values (all of which are positive), the geometric mean is the nth root of their product. Find the average growth factor for money deposited in annual certificates of deposit for the past 5 years (as of this writing) with annual interest rates of 1.7%, 3.7%, 5.2%, 5.1%, and 2.7% by computing the geometric mean of 1.017, 1.037, 1.052, 1.051, and 1.027. What single percentage growth rate would be the same as having the five given successive growth rates? Is that result the same as the mean of the five annual interest rates?” is broken down into a number of easy to follow steps, and 119 words. Elementary Statistics was written by and is associated to the ISBN: 9780321836960.

Unlock Textbook Solution

Enter your email below to unlock your verified solution to:

Geometric Mean The geometric mean is often used in

×
Log in to StudySoup
Get Full Access to Statistics - Textbook Survival Guide
Join StudySoup for FREE
Get Full Access to Statistics - Textbook Survival Guide
×
Reset your password