What is the Compounded Annual Growth Rate of the number of students taking the

Question

What is the Compounded Annual Growth Rate of the number of students taking the Undergraduate exam from 1995 to 1999?

Options:

A . 1.5

B . 2

C . 3

D . 6

Answer: Option C
:
C
We need to look for (factor multiplication)

^{1 / n}

-1 = (1.13)

^{1 / 4}

-1 =3%
Shortcut - Go from answer options From the equation above, ((correct answer)% + 1)

^{4}

= 1.13
Take a middle answer option If 2 is the answer, then 1.02

^{4}

= 1.08... we are looking for 1.1
Thus, the answer will be slightly greater than 2. The closest answer without further calculation is 3

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