Calculate the annual percentage change and use it to predict the number of round

Question

Calculate the annual percentage change and use it to predict the number of rounds to be played 2 years from now.

Managers of golf pro shops anticipate the total revenue for an upcoming year based on the predicted total number of rounds that will be played at their course. They do this by looking at the total number of rounds played in prior years. Assume there were 31,047 rounds played 3 years ago and 36,373 rounds played this year. Calculate the average rate of change and use it to predict the number of rounds to be played 2 years from now. (Round your answers to the nearest whole number.) avg. rate of change predicted number of rounds 39923 rounds 1775 rounds/yr Calculate the annual percentage change and use it to predict the number of rounds to be played 2 years from now. (In the first answer blank, round your answer to one decimal place. In the second answer blank, round your answer to the nearest whole number.) annual percentage change predicted number of rounds rounds

Explanation / Answer

annual percentage change =[(36373/31047)1/3 -1]*100 %

annual percentage change =[1.05419-1]*100 %

annual percentage change =0.05419*100 %

annual percentage change =5.4 %

predicted number of rounds =36373*(1+0.05419)2

predicted number of rounds =40422

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