Simpson Construction had sales seven years ago of $2,150,000. This year their sales hit $4,600,000. What has been Simpson's average annual rate of growth of sales?
A) 30.56%
B) 11.48%
C) $350,000 per year
D) None of the above
Answer: B
Explanation: B) r = (FV/PV)1/n - 1 = ($4,600,000/$2,150,000)1/7 - 1 = 11.48%
MODE = END
INPUT 7 ? -2,150,000 0 4,600,000
KEY N I/Y PV PMT FV
CPT 11.48
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