Question

The unique glass company reported sales of 24 million in 1995. the sales increased by 15% each year for the next 10 years Calculate the company's sales in the year 2003.

A) $60.60 million
B) $55.35 million
C) $78.96 million
D) $72.36 million

Answer 1

The company's sales in the year 2003 would be approximately $55.35 million.

Step-by-step explanation:

To calculate the company's sales in the year 2003, we need to find the sales after 10 years of increasing by 15% each year. We start with the initial sales of $24 million in 1995. To calculate the sales in 1996, we multiply $24 million by 1.15 to get $27.6 million. We continue this process for 10 years and find that the sales in 2003 would be approximately $55.35 million (option B).