The Geometric Mean Growth Rate of Sales for Used Cars

question 6

Short Answer

The geometric mean growth rate of sales for used cars in a geographic area from 2005 to 2009 was 16.42 percent. Annual sales in 2005 were $14.2 million. Find the ending value of sales after this four-year period. (Round your answer to 2 decimal places.)

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Definitions:

Damage Award

A financial compensation granted by a court to indemnify losses or damages suffered by a plaintiff.

Drudgery

Tedious, hard, and repetitive work that is often seen as unenjoyable.

Competitive Factor Markets

Markets where factors of production (like labor, capital) are bought and sold, with many sellers and buyers leading to competitive prices.

Prices

The monetary value assigned to goods and services, determining how much consumers need to pay to obtain them.