In Phoenix the travel budget (acct. #12a7863) started with a balance of 120,000 dollars in the year 2000. The balance increased to 165,000 dollars by the year 2019. Assume growth is exponential in this particular context, not linear. i) What was the annual growth rate between 2000 and 2019? Express your answers in both decimal and percentage forms. Round your decimal answer to 4 decimal places then use your rounded answer to convert to a percentage. ii) Assume that the balance continues to grow by the same percentage. What is/was the balance in the year 2022 ? Show the equations you use, define your variables, and show all algebraic steps for full credit. Round to the nearest thousand dollars. Write your answer in complete sentence form.

In Phoenix the travel budget (acct. #12a7863) started with a balance of 120,000 dollars in the year 2000. The balance increased to 165,000 dollars by the year 2019. Assume growth is exponential in this particular context, not linear. i) What was the annual growth rate between 2000 and 2019? Express your answers in both decimal and percentage forms. Round your decimal answer to 4 decimal places then use your rounded answer to convert to a percentage. ii) Assume that the balance continues to grow by the same percentage. What is/was the balance in the year 2022 ? Show the equations you use, define your variables, and show all algebraic steps for full credit. Round to the nearest thousand dollars. Write your answer in complete sentence form.

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter16: Cost-volume-profit Analysis

Section: Chapter Questions

Problem 18E: Carmichael Corporation is in the process of preparing next years budget. The pro forma income...

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