Level:
Project ID:
1003029506
Accepted:
1
Clonable:
0
Easy:
1
Let us assume that the value of an unique artwork will increase \( 1{.}5 \) times in the first year, \( 1{.}2 \) times in the second year and \( 1{.}9 \) times in the third year. We are interested in the compound annual growth rate in these three years. What type of average do we need to use?
Geometric mean
Arithmetic mean
Harmonic mean
Weighted arithmetic mean