Suppose that a state has increased its sales tax rate every other year since 2003. Assume that
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Year Sales Tax Rate Sales Tax Collections 2003 2005 2007 2009 2011 0.03 (3 percent) 0.04 (4 percent) 0.05 (5 percent) 0.06 (6 percent) 0.07 (7 percent) $9.0 million $14.0 million 20.0 million 24.0 million $29.4 million
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