Suppose that a company's annual sales were $1,200,000 in 1999. the annual growth rate of sales from 1999 to 2000 was 16 percent, from 2000 to 2001 it was −5 percent, and from 2001 to 2002 it was 22 percent.
the geometric mean growth rate of sales over this three-year period is calculated as 10.37 percent. use the geometric mean growth rate and determine the forecasted sales for 2004.