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A company's R&D budget was $120,000. It increased by 35% in Year 1, creating a growth of $42,000. In Year 2, the budget increases by 20% of the Year 1 growth amount (not 20% of the new base). What is the Year 2 budget?
A company's R&D budget was $120,000. It increased by 35% in Year 1, creating a growth of $42,000. In Year 2, the budget increases by 20% of the Year 1 growth amount (not 20% of the new base). What is the Year 2 budget?