Question

If plotted, the following sales series would appear curvilinear. This indicates that sales are increasing at...

If plotted, the following sales series would appear curvilinear. This indicates that sales are increasing at a somewhat constant annual rate (percent). To fit the sales, therefore, a logarithmic equation should be used.

Year Sales
($ millions)
2007 8.0
2008 10.4
2009 13.5
2010 17.6
2011 22.8
2012 29.3
2013 39.4
2014 50.5
2015 65.0
2016 84.1
2017 109.0

1) Determine the logarithmic equation.

y = _____ + ______t

2) Determine the coordinates of the points on the logarithmic straight line for 2007 and 2014.

Points (antilog) for 2007: _____

Points (antilog) for 2014: ______

3) By what percent did sales increase per year, on the average, during the period from 2007 to 2017?

Increased sales: _____%

4) Based on the equation, what are the estimated sales for 2018?

Estimated sales (antilog) $_______ millions

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