Final answer:
To find out approximately how long it would take for Walmart to double its sales, we need to determine the annual growth rate of its sales. Using the formula for the rule of 70, we can calculate that it would take approximately 36 years for Walmart to double its sales if it could sustain the same sales growth rate.
Step-by-step explanation:
To find out approximately how long it would take for Walmart to double its sales, we need to determine the annual growth rate of its sales. We can do this by calculating the average annual growth rate between 2014 and 2015:
Annual growth rate = (2015 sales - 2014 sales) / 2014 sales * 100%
Substituting the given values:
Annual growth rate = (482,229 - 473,076) / 473,076 * 100% = 1.94%
To calculate the time it would take for Walmart to double its sales, we can use the formula for the rule of 70:
Time to double = 70 / annual growth rate
Substituting the growth rate we calculated:
Time to double = 70 / 1.94% = 36.08 years
Therefore, it would take approximately 36 years for Walmart to double its sales if it could sustain the same sales growth rate.