Question

The Unique Glass Company reported sales of $24 million in 1995, and sales increased by 15each year for the next 10 years. the following questions based on this data Question 1 Write the rule (formula) to determine the company's sales (in millionin each year since 1995. Hint: Let n = 1 represent 1995). Calculate the company’s sales in the year 2003. A rival company also examined its sales for a 10-year period. In 2000, it reported sales of $10 million, and its sales grew annually at a rate of 20% during the 10year periodDid this company have higher sales than the Unique Glass company by 2003?

Answer 1

The formula that can be used to determine the company's sales since 1995 is $24 million x (1.15^t).

The company's sales in 2003 is $73.42 million.

The rival company would not have higher sales than Unique Glass company by 2003

What is the company's sales in 2003?

The formula for calculating the future sales is:

FV = P (1 + r)^n

• FV = Future value

• P = Present value
• R = rate of growth of sales
• N = number of years

Sales in 2003 for Unique glass company: 24 million x (1.15^8) = $73.42 million

Future sales of the rival company = 10 million x (1.20^3) = $17.28 million

To learn more about future value, please check: brainly.com/question/18760477

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