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Using the data below, with 2005 as the base year, which of the following is true regarding the sales index and the growth in sales over time? Year Sales 2005 $56,090 2006 $60,530 2007 $58,280 2008 $62,660 2009 $64,420 2010 $65,000 2011 $66,200 2012 $54,050 2013 $67,880 2014 $66,500 2015 $62,410 2016 $67,290 Group of answer choices The sales index value for 2016 is (approximately) 120, indicating that sales in 2016 were 20% higher than in 2015
Using the data below, with 2005 as the base year, which of the following is true regarding the sales index and the growth in sales over time? Year Sales 2005 $56,090 2006 $60,530 2007 $58,280 2008 $62,660 2009 $64,420 2010 $65,000 2011 $66,200 2012 $54,050 2013 $67,880 2014 $66,500 2015 $62,410 2016 $67,290 Group of answer choices
The sales index value for 2016 is (approximately) 120, indicating that sales in 2016 were 20% higher than in 2015.
The sales index value for 2016 is (approximately) 120, indicating that sales in 2016 were 20% higher than in 2005.
The sales index value for 2016 is (approximately) 48.8, indicating that sales in 2016 were 49% higher than in 2005.
The sales index value for 2016 is (approximately) 120, indicating that sales in 2016 were 120% higher than in 2005.
Expert Solution
Ans: b) The sales index value for 2016 is (approximately) 120, indicating that sales in 2016 were 20% higher than in 2005.
The base year is 2005, so this would be used to calculate the sales index.
Sales of year 2016: $67,290
Sales of base year 2006: $56,090
Sales index for 2016 = (Sales of year 2016/Sales of base year 2006)*100 = 119.967 = 120(approx)
This is implies that if sales in 2005 were 100, sales in 2016 are 120. Therfore, sales in 2016 are 20% higher than the sales in 2005.
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