Growfast Limited is setting the sales budget for the next $12$ months. They use classic budgeting techniques and

you have been given the following information:

Sales are growing rapidly, and the final quarter of the last year saw sales grow by $25\%$ on the previous

quarter's total of $8,000,000,$ even though sales for the last $0\mathrm{.}5$ months were zero, as usual, due to the

annual Christmas shut down and factory refurbishment.

The Sales Director is planning an immediate price cut of $10\%$ to target grabbing further market share

for the year ahead and predicts that each quarter should see sales volumes increase by $20\%$ on the

previous quarter equivalent

What would be the sales budget for the next $12$ months? Assume expected quarterly growth

occurs immediately and in full at the start of each quarter. $(10$ marks$)$