The following table shows total retail sales for the city of Taxylvania for the

Question

The following table shows total retail sales for the city of Taxylvania for the last 11 years. The city is considering implementing a 1% retail sales tax in 2016. Estimate collections from a 1% retail sales tax for each of the next 3 years (2016 - 2018). Note, the data provided in the chart is total retail sales. We are forecasting a tax that is equal to 1% of all retail sales.

Year                 Total Retail Sales

2005                      40,826,702

2006                    42,045,324

2007                      43,414,770

2008                      44,748,197

2009                      45,960,890

2010                      47,382,130

2011                      48,897,359

2012                     50,161,860

2013                     51,728,282

2014                      53,256,193

2015                      54,417,181

2016                         ???

2017                         ???

2018                         ???

What is the estimate for 2018 sales tax revenues? _______________

Explanation / Answer

it will be $57,747,947

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