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You are building a model and trying the estimate the Capex of AppleBanana Co. You are forecasting growth of 7% per year in revenue. Given

You are building a model and trying the estimate the Capex of AppleBanana Co. You are forecasting growth of 7% per year in revenue. Given the information below, what is the Capex as a percentrage of sales should you forecast? Explain.

2014 2015 2016 2017 2018 2019 2020
Sales 4,598 4,920 5,264 5,633 6,027 6,449 6,900
PP&E 638 674 724 759 803 867 965

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