Help Needed: Calculating Geometric Mean Increase from 1998-2001

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SUMMARY

The discussion focuses on calculating the geometric mean annual increase in gambling revenue from $651 million in 1998 to $2.4 billion in 2001. The correct approach involves determining the ratio of the final value to the initial value, which is 2.4 billion divided by 651 million, and then taking the cube root of this ratio to find the annual increase over the three-year period. The geometric mean formula used is: (Final Value / Initial Value)^(1/n), where n is the number of years.

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bubble1421
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I don't know why I can't figure this one out tonight. I just can't think straight and I am hoping someone can help ASAP.

Here is the question:
In 1998 revenue from gambling was $651 million. In 2001 the revenue increased to $2.4 billion. What is the geometric mean annual increase for the period?
 
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Since the difference in the number of years is 3, you have to take the cube root of the ratio to get your result.
 

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