"If the public service commission grants this increase, it will mean that between 1970 and 1987, the electric rates will have increased by more than 478 percent. That's an average rise of over 27 percent a year!" Is this correct? If not, what annual percent increase of 17 years leads to a total increase of 478 percent?

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OK. So, that is not true.
Then, say 28.1 annual leads to 478% over 17 years.

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