SOLUTION: I have a problem where I need to solve the following: Martell Corporation's 2005 sales were $12 million. Sales were $6 million five years earlier.
a. To the the nearest perc
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a. To the the nearest perc
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Question 12311: I have a problem where I need to solve the following: Martell Corporation's 2005 sales were $12 million. Sales were $6 million five years earlier.
a. To the the nearest percentage point, at what rate have sales grown?
Using my calculator I know the answer is 14.67%, but using the formula r=(fv/pv)1/5 (root) -1-- I don't understand how to solve for the 1/n-1 or 1/5-1 (in this case) to find the answer. Answer by longjonsilver(2297) (Show Source):
