meganwintergirl
08.03.2021 •
Mathematics
Help me with this math question thanks!
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Ответ:
$ 1,965,334
Step-by-step explanation:
Annual sales of company in 1999 = $ 1,200,000
Geometric mean growth rate = 10.37 % = 0.1037
In order to forecast we have to use the concept of Geometric sequence. The annual sales of company in 1999 constitute the first term of the sequence, so:
The growth rate is 10.37% more, this means compared to previous year the growth factor will be
r =1 + 0.1037 = 1.1037
We have to forecast the sales in 2004 which will be the 6th term of the sequence with 1999 being the first term. The general formula for n-th term of the sequence is given as:
So, for 6th term or the year 2004, the forecast will be:
Thus, the forecasted sales for 2004 are $ 1,965,334