Problem: In April 2013 a pound of apples cost $1.42, while oranges cost $1.06. Three years earlier the price of apples was only $1.21 a pound and that of oranges was $.92 a pound.

Required:

Question 1: What was the annual compound rate of growth in the price of apples? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

Question 2: What was the annual compound rate of growth in the price of oranges? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

Question 3: If the same rates of growth persist in the future, what will be the price of apples in 2030? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Question 4: If the same rates of growth persist in the future, what will be the price of oranges in 2030? (Do not round intermediate calculations. Round your answer to 2 decimal places.)