Hence, the rate of change of the price of apples is:
$ 0.20 per year.
Let P denote the price of apples.
It is given that the initial price of apples is: $ 0.30 per lb.
i.e. P(0)=$ 0.30 per lb.
Also, the price of the apples after three years is: $ 0.90 per lb.
i.e. P(3)=$ 0.90 per lb.
Hence, the rate of the change of the price of apples is calculated by:
[tex]Rate\ of\ change=\dfrac{P(3)-P(0)}{3-0}[/tex]
Now on putting the value in the formula we obtain:
[tex]Rate\ of\ change=\dfrac{0.90-0.30}{3-0}\\\\\\Rate\ of\ change=\dfrac{0.60}{3}\\\\\\Rate\ of\ change=0.20[/tex]
The rate of change is:
$ 0.20 per year.
