Question
Download Solution PDFBy analysing the graph, answer the question.
1992 - 1993 = 2520
1993 - 1994 = 4201
1994 - 1995 = 3720
1995 - 1996 = 5040
1996 - 1997 = 3120
For which year, the percentage increase of foreign exchange reserves over the previous year, is the highest ?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
- 1992-1993 = 2520
- 1993-1994 = 4201
- 1994-1995 = 3720
- 1995-1996 = 5040
- 1996-1997 = 3120
Formula used:
Percentage Increase = [(Current Year Reserve - Previous Year Reserve) / Previous Year Reserve] × 100
Calculation:
1. For 1993-1994:
⇒ Percentage Increase = [(4201 - 2520) / 2520] × 100 = 66.7%
2. For 1994-1995:
⇒ Percentage Decrease = [(3720 - 4201) / 4201] × 100 = -11.45%
3. For 1995-1996:
⇒ Percentage Increase = [(5040 - 3720) / 3720] × 100 = 35.48%
4. For 1996-1997:
⇒ Percentage Decrease = [(3120 - 5040) / 5040] × 100 = -38.1%
∴ The highest percentage increase was 66.7% in 1993-1994.
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