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Jermaine Enterprises decided to increase spending on its marketing budget and see if it could gain market share. The plan worked since the firm spent

Jermaine Enterprises decided to increase spending on its marketing budget and see if it could gain market share. The plan worked since the firm spent an additional $11 million on advertising, promotion, personal selling, and public relations last year and increased the firm's market share from 8% to 10%. When the firm had 8% of the market, its revenues were $995 million, and profits were $63 million. Promotion dollars appear to have generated the best results. Jermaine spent $2.4 million on promotions and generated $57.5 million in new sales directly attributed to the promotions. How much additional revenue per dollar spent did Jermaine Enterprises generate by increasing the marketing budget?
$22.61
$23.35
$22.14
$21.80
$20.28

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