For the prior three years, sales for California Cement Company have been $20,011,000 (2011), $21,167,000 (2012), and

Question:

For the prior three years, sales for California Cement Company have been $20,011,000 (2011), $21,167,000 (2012), and $22,923,000 (2013). CCC uses the prior two year's average growth rate (i.e. the geometric mean) to predict the coming year's sales. What were the sales growth rates for 2012 and 2013? What is the expected sales growth rate using a two-year average for 2014? What is the sales forecast for 2014?