In 1980, the cost of a gallon of milk was $0.5.The cost of a gallon of milk in 2010 is $3. Thecompounded annual interest has beenexperienced over this 30 years period of timei :О а. 5.15%O b. 4.15%Ос.O c. 3.15%O d. 6.15%

Option (d) 6.15% is the correct answer

Answered: In 1980, the cost of a gallon of milk…

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In 1980, the cost of a gallon of milk was $0.5. The cost of a gallon of milk in 2010 is $3. The

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

In 1980, the cost of a gallon of milk was $0.5.
The cost of a gallon of milk in 2010 is $3. The
compounded annual interest has been
experienced over this 30 years period of time
i :
О а. 5.15%
O b. 4.15%
Ос.
O c. 3.15%
O d. 6.15%

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