Year-to-Year Annual Growth in Total Net Sales

The following selected financial statements for Apple Computers have
been taken out the company’s SEC filings. Answer question 1 as follows
based on this data.

Fiscal Years

(in millions except share and per share amounts)  

1999  

1998  

1997  

1996  

1995

Net Sales $  6,134   $  5,941   $  7,081   $  9,833  
$11,062

Net Income (loss) $     601   $     309   $ (1,045) $  
(816)  $     424

Earnings (loss) per common share:           

Basic $   4.20   $    2.34   $  (8.29)   $  (6.59)    
$  3.50

Diluted $   3.61   $   2.10    $  (8.29)   $  (6.59)    
$  3.45

Cash Dividends declared per common share  

 

$        --    

 

$        --    

 

$     --    

 

$   0.12        

 

$  0.48

Shares used in computing earnings (loss) per share (in thousands):    
     

Basic 143,157    131,974    126,062    123,734   121,192

Diluted 174,164    167,917    126,062    123,734   123,047

Cash, cash equivalents, and short-term investments  

 

 

$  3,226    

 

 

$   2,300   

 

 

$  1,459    

 

 

$  1,745    

 

 

$    952

Total Assets $    5,161 $  4,289   $  4,233   $  5,364   $
6,231

Long-term Debt $     300   $      954  $     951  
$     949   $    303

Shareholder’s Equity  

$  3,104    

$  1,642    

$  1,200    

$  2,058    

$  2,901

1. Determine the year-to-year annual growth in total net sales.