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Q: What is the approximate simple average annual growth rate in the number of brances of ABC bank from 2003 to 2007?
A. 100% B. 80%
C. 108% D. 124%
E. 142%

Answer and Explanation

Answer:124%

Explanation:
Total number of branches in 2003 = 57
 Total number of branches in 2007 = 339
 The growth rate of the number of branches from 2003 to 2007
 339 – 57 / 51 x 100
 Simple average annual growth rate
 ¼ x (339 – 57)/51 x 100 = ¼ x 282/57 x 100
 124

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