The price of gold was $486 per ounce in 1915. In 2019, the price of gold is $1325 per ounce. What is the average rate of change in the value of gold over that time?

Question

Quizplus · Accepted Answer

Step 1: Find the amount the value changed. $1325 - $486 = $839 Step 2: Determine the amount of time that has passed. 2019 - 1915 = 104 years Step 3: Divide the change in value by the change in time. ^$839/_{104 years} = $8.07 per year

The Price of Gold Was $486 Per Ounce in 1915