A pharmaceutical company had sales of $28,600,000 in the year just completed. Sales are expected to decline by 4% per year for the next three years until new drugs, now under development, receive regulatory approval. Then sales should grow at 8% per year for the next four years. What are the expected sales for the final year of the seven year period?

Regulatory Approval

The official permission granted by governing bodies for a product or service to be legally sold or distributed.

Pharmaceutical Company

A company involved in the research, development, production, and marketing of drugs or pharmaceuticals.

Sales

The activities involved in selling goods or services in return for money or other compensation.