11. Pacific Precision (A): European Sales. Pacific Precision is a Hong Kong-based exporter of machine tools, and files all of its financial statements in Hong Kong dollars (HK$). The company's European sales director, Jacque Mayal, has been criticized of late for his performance. He disagrees, arguing that sales in Europe have grown steadily in recent years. Who is correct?

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Total net sales, HKS Percent of total sales from Europe Total European sales, HKS Average exchange rate, HK$/ Total European sales, Growth rate of European sales 2002 2003 2004 171.275 187,500 244.900 48% 44% 39% 7-4 8.5 9.4