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 55% per year for fourfour consecutive years, then the economy shrank by 20% over the fourfour-year period. Choose the correct answer below and, if necessary, fill in the answer box to complete your choice.

A. The statement is true because 44 times ×55% is 20%.

B. The statement is false because each year there is a different reference value.

The economy actually shrank by _____ over the fourfour-year period. (Type an integer or decimal rounded to the nearest tenth as needed.)

Explanation / Answer

Let the economy be "e"::

e*(1-0.55)^4 = e(0.041)
---
Ans:: Actual shrinkage:: 1-0.041 = 95.9%

So, False

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