Math Problem Statement

A graph of a model for the sales of services between 2004 and 2008 by a leading global provider of staffing services is shown below. WebAssign Plot (a) Use the graph to calculate the average rate of change in sales of services between 2004 and 2007. $ 274

Correct: Your answer is correct. million per year

Interpret the result. Between 2004 and 2007, sales of service increased

Correct: Your answer is correct. by an average of $ 274

Correct: Your answer is correct. million per year.

(b) Calculate the percentage change in sales between 2007 and 2008. (Round your answer to three decimal places.) -1.756

Correct: Your answer is correct. %

Interpret the result. Between 2007 and 2008, sales of service decreased

Correct: Your answer is correct. by 1.756

Correct: Your answer is correct. %.

(c) Calculate the change in sales between 2004 and 2008. $

Incorrect: Your answer is incorrect. million

Solution

Let's solve part (c) to calculate the change in sales between 2004 and 2008.

Given:

  1. You already calculated the average rate of change in sales between 2004 and 2007 to be $274 million per year.
  2. The percentage change in sales between 2007 and 2008 was -1.756%, indicating a decrease.

To find the change in sales between 2004 and 2008:

  1. Determine Sales in 2004: Let S2004S_{2004} be the sales in 2004.
  2. Determine Sales in 2007: You know the average rate of change between 2004 and 2007 was $274 million/year. Therefore, the sales in 2007 can be expressed as: S2007=S2004+3×274S_{2007} = S_{2004} + 3 \times 274 This is because the time span from 2004 to 2007 is 3 years.
  3. Determine Sales in 2008: Since the percentage decrease between 2007 and 2008 was -1.756%, the sales in 2008 can be calculated as: S2008=S2007×(11.756100)S_{2008} = S_{2007} \times \left(1 - \frac{1.756}{100}\right)
  4. Calculate the change in sales between 2004 and 2008: The change in sales is: ΔS=S2008S2004\Delta S = S_{2008} - S_{2004}

Now let's calculate it. Please provide the initial sales figure for 2004 if available, or we can solve it symbolically if the sales data is not explicitly provided.

Would you like to continue with this method, or do you have the sales data for 2004?

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Math Problem Analysis

Mathematical Concepts

Rate of Change
Percentage Change
Linear Growth
Algebra

Formulas

Average Rate of Change = (Sales in 2007 - Sales in 2004) / (2007 - 2004)
Percentage Change = [(Sales in 2008 - Sales in 2007) / Sales in 2007] * 100
Linear Growth: Sales in 2007 = Sales in 2004 + (Rate of Change * 3 years)

Theorems

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Suitable Grade Level

Grades 9-12