Answer:
The geometric mean growth rate of sales is 1.4422.
Step-by-step explanation:
We have two sales values, one from 6 years ago and the other from now.
We have to calculate the geometric growth rate of sales.
We have:
[tex]y(-6)=1,000,000\\\\y(0)=9,000,000[/tex]
We can write the relation between these two values as:
[tex]y(0)=y(-6)k^{0-(-6)}\\\\9,000,000=1,000,000k^6\\\\k^6=9\\\\k=9^{1/6}= 1.4422[/tex]
The geometric mean growth rate of sales is 1.4422.
