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Answer :
Final answer:
To calculate the average annual growth rate over a specific period, one can use an appropriate mathematical formula using the initial and final values, along with the number of years over which this growth happened. The formula for continuous average annual growth rate: Growth Rate = [(Final Value / Initial Value)^(1/Number of Years)] – 1. Using this formula, we can calculate the average annual growth rate of UK exports of goods from 1967 to 2015.
Explanation:
To compute the average annual growth rate for the given scenario, firstly, we need to identify the initial and final value of the index volume of UK exports, as well as the time period over which this growth occurred. In this case, the initial value of the index in 1967 is 13 and the final value in 2015 is 97.8. The growth happened over 48 years (2015 - 1967).
To calculate continuous average annual growth rate, we use the formula:
Growth Rate = [(Final Value / Initial Value)^(1/Number of Years)] – 1
So, substituting the given values into the formula, we get:
Growth Rate = [(97.8 / 13)^(1/48)] – 1
This will give us the average annual growth rate expressed as a decimal. To get this answer in percentage, we multiply by 100. This calculation will provide us the average annual growth rate for UK exports of goods (in index number form) from 1967 to 2015.
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