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An accountant for a certain state models the sales tax revenue that the state has earned over several years. The model shows that sales tax revenue grew by 15% per year until 2 years ago, when it started to grow by $179.5 million per year. If the sales tax revenue 2 years ago was $2.1 billion, approximately how much lower is the sales tax revenue this year than it would be if it had continued growing by 15% per year? (Note: 1 billion = 1,000 million) Choose 1 answer: (A) $136 million (B) $318 million (C) $2.05 billion (D) $5.24 billion

An accountant for a certain state models the sales tax revenue that the state has earned over several years. The model shows that sales tax revenue grew by 15%15\% per year until 22 years ago, when it started to grow by $179.5\$179.5 million per year. If the sales tax revenue 22 years ago was $2.1\$2.1 billion, approximately how much lower is the sales tax revenue this year than it would be if it had continued growing by 15%15\% per year? (Note: 11 billion =1,000= 1,000 million) \newlineChoose 11 answer: \newline(A) $136\$136 million \newline(B) $318\$318 million \newline(C) $2.05\$2.05 billion \newline(D) $5.24\$5.24 billion

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Q. An accountant for a certain state models the sales tax revenue that the state has earned over several years. The model shows that sales tax revenue grew by 15%15\% per year until 22 years ago, when it started to grow by $179.5\$179.5 million per year. If the sales tax revenue 22 years ago was $2.1\$2.1 billion, approximately how much lower is the sales tax revenue this year than it would be if it had continued growing by 15%15\% per year? (Note: 11 billion =1,000= 1,000 million) \newlineChoose 11 answer: \newline(A) $136\$136 million \newline(B) $318\$318 million \newline(C) $2.05\$2.05 billion \newline(D) $5.24\$5.24 billion
  1. Calculate Sales Tax Revenue: Calculate the sales tax revenue if it had continued growing by 1515% per year for two years.\newlineSales tax revenue 22 years ago = $2.1\$2.1 billion\newlineGrowth rate = 15%15\% per year\newlineSales tax revenue if 15%15\% growth continued for 11 year = $2.1\$2.1 billion ×(1+0.15)=$2.1\times (1 + 0.15) = \$2.1 billion ×1.15\times 1.15
  2. Continue First Year's Growth: Continue the calculation for the first year's growth. Sales tax revenue if 1515% growth continued for 11 year = $2.1\$2.1 billion ∗1.15=$2.415* 1.15 = \$2.415 billion
  3. Calculate Second Year's Growth: Calculate the sales tax revenue if the 1515\% growth continued for the second year.\newlineSales tax revenue if 1515\% growth continued for 22 years = $2.415\$2.415 billion ×(1+0.15)=$2.415\times (1 + 0.15) = \$2.415 billion ×1.15\times 1.15
  4. Continue Second Year's Growth: Continue the calculation for the second year's growth. Sales tax revenue if 1515% growth continued for 22 years = $2.415\$2.415 billion ∗1.15≈$2.77725* 1.15 \approx \$2.77725 billion
  5. Calculate Actual Revenue: Calculate the actual sales tax revenue for this year.\newlineActual sales tax revenue 22 years ago = $2.1\$2.1 billion\newlineGrowth per year for the past 22 years = $179.5\$179.5 million\newlineActual sales tax revenue for this year = $2.1\$2.1 billion + 22 * $179.5\$179.5 million
  6. Continue Actual Revenue Calculation: Continue the calculation for the actual sales tax revenue.\newlineActual sales tax revenue for this year = $2.1\$2.1 billion + 22 * $179.5\$179.5 million = $2.1\$2.1 billion + $359\$359 million = $2.459\$2.459 billion
  7. Calculate Revenue Difference: Calculate the difference between the projected sales tax revenue (if it had grown by 1515% per year) and the actual sales tax revenue.\newlineDifference = Projected sales tax revenue - Actual sales tax revenue\newlineDifference = $2.77725\$2.77725 billion - $2.459\$2.459 billion
  8. Continue Difference Calculation: Continue the calculation for the difference.\newlineDifference = $2.77725\$2.77725 billion - $2.459\$2.459 billion ≈\approx $318.25\$318.25 million

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