Problem:
In 1930, the highest paid player in major league baseball was Babe Ruth of the New York Yankees, with an annual salary of $80,000. In 2000, the highest paid player in major league baseball player was Alex Rodriguez, also of the New York Yankees, with a salary of $25,000,000.
Required:
What was the average annual rate of growth in the top baseball salary over this time period?
A) 18.70%
B) 4.17%
C) 7.96%
D) 8.55%
Note: Please provide full description.