Table 9-19

-Refer to Table 9-19.Looking at the table above,what is the rate of growth of the average price level from 2017 to 2018?
A)1%
B)2%
C)3.5%
D)4.76%
E)5.25%

Question

Table 9-19
 
-Refer to Table 9-19.Looking at the table above,what is the rate of growth of the average price level from 2017 to 2018?
A)1% 
B)2% 
C)3.5% 
D)4.76% 
E)5.25%

Quizplus · Accepted Answer

To calculate the rate of growth of the average price level from 2017 to 2018, we need to use the formula ((New Value - Old Value) / Old Value) x 100.

Using the table, the average price level in 2017 is $21.00 and in 2018 it is $22.05.

((22.05 - 21.00) / 21.00) x 100 = 4.76%

Therefore, the rate of growth of the average price level from 2017 to 2018 is 4.76%. Option D is the correct choice.

Table 9-19 -Refer to Table 9-19.Looking at the Table Above,what Is the Table