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. 1.)Write the rule (formula) to determine the company's sales (in millionin each year since 1995. Hint: Let n = 1 represent 1995). 2.)Calculate the company’s sales in the year 2003. 3.) 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 period. Did this company have higher sales than the Unique Glass company by 2003?

Answer 1

1. The formula that can be used to determine the company's sales since 1995 is $24 million x (1.15^t).
2. The company's sales in 2003 is $73.42 million.
3. The rival company did 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 increase
• N = number of years

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: https://brainly.com/question/18760477

#SPJ1