A company reports that its sales have grown 3% per quarter for the last eight fiscal quarters. What annual growth rate has the company been experiencing for the last two years?

Per Quarter

A term indicating events or measurements that occur or are calculated every three months.

Annual Growth Rate

The rate of growth or decline in a specific variable over the course of a year.

Fiscal Quarters

Divisions of a financial year into four parts, used for accounting purposes and financial reporting by companies.