State whether the following statement is true or false, and explain why. If the

Question

State whether the following statement is true or false, and explain why. If the statement is false, state the true change. If the national economy shrank at an annual rate of 3% per year for three consecutive years, then the economy shrank by 9% over the three-year period. Choose the correct answer below and, if necessary, fill in the answer box to complete your choice. The statement is false because each year there is a different reference value. The economy actually shrank by square % over the three-year period. (Type an integer or decimal rounded to the nearest tenth as needed.) The statement is true because 3 times 3% is 9%.

Explanation / Answer

The Statement is false.

Economy Shrank by 3 % per year for tree consecutive years.

Therefore the Economy Shrank to = 0.973 = 0.9127 or say 91.27 % in three years.

The Economy Shrank by = 100-91.26 = 8.73 %

Reason :

The reason it is less than 9 % is that the amount the 3 % is applied to is less each year.

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