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 Answer the questions based on the following information.

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Question 50

If the profit in 1996 shows the annual rate of growth as it had shown in 1995 over the previous year, then what approximately will be the profit in 1996?

Solution

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%increase in profit in year 1995 = 16.66%
With this increment, profit in year 1996 = 70(1+$$(16.66 \div 100)$$) = 82 (nearly)

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