Question : The following graph shows the percentage rise in the profits of two companies over the years.
What is the average of the percentage increases in the year-to-year profit of Company M over all the given years, taken together? [Give your answer correct to the nearest integer value.]
Option 1: 24%
Option 2: 20%
Option 3: 25%
Option 4: 21%
Correct Answer: 21%
Solution :
Percentage increase in profit of company M in 2004 = 25%
Percentage increase in profit of company M in 2005 = 10%
Percentage increase in profit of company M in 2006 = 15%
Percentage increase in profit of company M in 2007 = 25%
Percentage increase in profit of company M in 2008 = 20%
Percentage increase in profit of company M in 2009 = 30%
Sum of percentage increase in profit from 2004 to 2009 = ( 25 + 10 + 15 + 25 + 20 + 30) = 125%
Number of years = 6
Average $=\frac{125}{6}= 20.83\% \approx 21\%$
Hence, the correct answer is 21%.
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