A company has the goal of doubling their revenue from 32 million dollars to 64 million dollars over the next 2 years. If the company increases its revenue by 50% in the first year, by approximately what percentage must the company increase their revenue in the second year in order to reach their goal? Choose 1 answer: (A) 25% (B) 33% (c) 50% (D) 100%

Question

A company has the goal of doubling their revenue from 32 million dollars to 64 million dollars over the next 2 years. If the company increases its revenue by  50% in the first year, by approximately what percentage must the company increase their revenue in the second year in order to reach their goal? Choose 1 answer: (A)  25% (B)  33% (c)  50% (D)  100%

Bytelearn · Accepted Answer

Calculate Revenue After First Year: Calculate the revenue after the first year with a 50% increase. Revenue after first year = Initial revenue + (Initial revenue * Increase percentage) = 32 million dollars + (32 million dollars * 0.50) = 32 million dollars + 16 million dollars = 48 million dollarsCalculate Remaining Revenue: Calculate the remaining amount of revenue needed to reach the goal of 64 million dollars after the first year. Remaining revenue needed = Goal revenue - Revenue after first year = 64 million dollars - 48 million dollars = 16 million dollarsCalculate Percentage Increase: Calculate the percentage increase needed in the second year to reach the goal. Percentage increase needed = (Remaining revenue needed / Revenue after first year) * 100% = (16 million dollars / 48 million dollars) * 100% = 0.3333... * 100% = 33.33...%Determine Closest Answer: Determine the closest answer choice to the calculated percentage. The closest answer choice to approximately 33.33% is (B) 33%.

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