It is given that the commercial rate for 1967 was 42000
The rate in 2018 was 5 million that means 5000000.
The number of years is given by:
[tex]2018-1967=51[/tex]So the formula for the geometric progression is given by:
[tex]a_n=a_1r^{n-1}[/tex]Substitute:
[tex]a_n=5000000,a_1=42000,n=51[/tex]To get:
[tex]\begin{gathered} 5000000=42000r^{50} \\ r^{50}=\frac{2500}{21} \\ r=\sqrt[50]{\frac{2500}{21}} \\ r=1.100308364 \\ r\approx1.10 \end{gathered}[/tex]Hence the rate is approximately 1.10.
