April 2024
Intermediate to advanced
824 pages
36h 45m
English
Content preview from Business Statistics
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80 Business Statistics
Solution The formula for calculating the average annual growth rate is
log (1 + r) =
0
log log
n
P P
n
−
1 + r = anti
log380 log360
4
−
r =
0.0234
antilog
4
– 1
= (1.0135–1)
= 0.0135
= 1.35%
Hence, the annual growth rate of the population is 1.35%.
3.5.11 Importance of Geometric Mean
We have already studied how the arithmetic mean can be used as a tool for obtaining averages. But
what could be the use of geometric mean? What is the need to use geometric mean as an average tool
as we already have averages of various types? The answer lies in the fact that geometric mean is gen-
erally used ...