Approximately 13,500 students enrolled at Kwantlen University ﬁve years ago. Today, enrolment reached 18,800 students. Determine the annual growth rate in student enrolment.

Question

Quizplus · Accepted Answer

To find the annual growth rate in student enrolment, we can use the formula:

Annual growth rate = [(final enrolment / initial enrolment) ^ (1/number of years)] - 1

Here, the initial enrolment five years ago was 13,500 and the final enrolment today is 18,800. The number of years is 5.

Annual growth rate = [(18,800 / 13,500) ^ (1/5)] - 1
Annual growth rate = [(1.3926) ^ 0.2] - 1
Annual growth rate = [1.0685] - 1
Annual growth rate = 0.0685

Therefore, the annual growth rate is 6.85%, which is closest to option B.

Approximately 13,500 Students Enrolled at Kwantlen University ﬁVe Years Ago