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Shoes World announced that its sales were $1,233,450 this year. The company forecasts a growth rate of 16 percent per annum for the foreseeable future.

Shoes World announced that its sales were $1,233,450 this year. The company forecasts a growth rate of 16 percent per annum for the foreseeable future. How long will it take the company to produce earnings of $3 million? (Round off to the nearest year.) Select one:

a. 10 years

b. 8 years

c. 6 years

d. 7 years

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