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(1/5) - 1<br/>9.53%. You should be very careful about this point since the Mason & Lind textbook is quite ambiguous on this point. Finally, note that the geometric mean may not be defined if some of the salary changes are negative.<br/><br/></p> Exam Questions

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C. 9.53%
D. 9.60%
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Explanation:
Explanation/Reference:
Explanation:
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(1/5) = 8.72%. Note that this is different from geometric rate of change, which in this case would be (1.04*1.07*1.1*1.15*1.12)
 

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