Total Revenue,in $millions,for Apple Computers was 42,905 in 2009,65,225 in 2010,and 108,249 in 2011.The average growth rate of revenue during these three years is closest to:
A)36.13%
B)39.33%
C)58.84%
D)58.99%

Question

Quizplus · Accepted Answer

To find the average growth rate of revenue, we can use the formula:

Average growth rate = ((Ending value / Beginning value)^(1/number of years)) - 1

Using the given values, we get:

Average growth rate = ((108,249 / 42,905)^(1/3)) - 1
Average growth rate = 1.5884 - 1
Average growth rate = 0.5884 or 58.84%

Therefore, the closest answer is C) 58.84%.

Total Revenue,in $Millions,for Apple Computers Was 42,905 in 2009,65,225 in 2010,and