Great Lakes Health Networks net income increased from $3.2 million in 2010 to $6.4 million in 2020.
Question:
Great Lakes Health Network’s net income increased from $3.2 million in 2010 to $6.4 million in 2020. The total growth rate over the ten years is 100 percent, while the annual growth rate is only about 7.2 percent, which is much less than 100 percent divided by ten years.
a. Why is the annual growth rate less than the total growth rate divided by ten?
b. Which growth rate has more meaning—the total rate over ten years or the annualized rate?
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