The Millville School District had 3,071 students enrolled five years ago. Today, the district enrollment is 2,418 students. What has been the annual rate of change of student enrollment in the Millville School District over this time period?
A) -5.40%
B) -4.25%
C) -4.67%
D) 4.25%
Answer: C
Explanation: C) r = (FV/PV)1/n - 1 = (2,418/3,071)1/5 - 1 = -4.67%
MODE = END
INPUT 5 ? -3,071 0 2,418
KEY N I/Y PV PMT FV
CPT -4.67
Business
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