In 2013, selected automobiles had an average cost of $18,000. The average cost of those same...

In 2013, selected automobiles had an average cost of $18,000. The average cost of those same automobiles is now $21,960. What was the rate of increase for these automobiles between the two time periods? Round your answer to the nearest whole percent.

Expert Solution

r = (FV / PV) - 1

r = ($21,960 / $18,000) - 1

r = 0.22 or 22%

jeff jeffy answered 2 years ago

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