State whether the following statement is true or false, and explain why. If the statement is false, state the true change.   If the price of avocados increases by 30% for four consecutive months, then the price of avocados increased by 120% over the four-month period.   Choose the correct answer below and fill in the answer box to complete your choice.

A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
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Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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State whether the following statement is true or false, and explain why. If the statement is false, state the true change.

 
If the price of avocados increases by 30% for four consecutive months, then the price of avocados increased by 120% over the four-month period.
 

Choose the correct answer below and fill in the answer box to complete your choice.

 
The statement is true because 4×30%=120%4×30%=120%.
The statement is false because each year there is a different reference value.
 

What percentage did the avocados increase by?

 
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% (round to a tenth of a percent)
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