Net Sales: IPG Net Sales.
1995: 1,600
1996: 2,158
1997: 2,568
1998: 2,375
1999: 2,508
2000: 2,709
Q. The average annual growth rate in Net Sales for the industry from 1995 onwards was 10%. By how many EUR did the Net Sales of IPG exceed the industry average by 1997?
A: 640m
B: 648m
C: 656m
D: 664m
E: None of These
**Sorry I am new to this site. Any help would be greatly appreciated. Thanks**
percentage question!!
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Note: Presumably, the top table indicates sales in millions of Euro, and in the answer choices, the "m" represents millions of Euro.pirrum wrote:Net Sales: IPG Net Sales
1995: 1,600
1996: 2,158
1997: 2,568
1998: 2,375
1999: 2,508
2000: 2,709
Q. The average annual growth rate in Net Sales for the industry from 1995 onwards was 10%. By how many EUR did the Net Sales of IPG exceed the industry average by 1997?
A: 640m
B: 648m
C: 656m
D: 664m
E: None of These
Here's how IPG's sales would have been if their growth rate were 10%.
1995: 1600
1996: 1600 + (10% of 1600) = 1600 + 160 = 1760
1997: 1760 + (10% of 1760) = 1760 + 176 = 1,936
So, with 10% growth, IPG's sales in 1997 would have been 1,936
Instead, their sales in 1997 were 2,568
2,568 - 1,936 = 632
So, IPG's sales exceeded the industry average by 632 (million Euro)
Answer = E
Cheers,
Brent