Question

Cyberhost Corporation's sales were $225 million last year. If sales grow at 6% per year, how large (in millions) will they be 5 years later?a. $271.74b. $286.05c. $301.10d. $316.16e. $331.96

Answer 1

After 5 year total amount will be $301.1

So option (c) is correct option

Step-by-step explanation:

We have given So principle amount P = $1500

Rate of interest r = 6 %

Time n = 5 years

We know that when total amount is given by
`A=P(1+(3.5)/(100))^n` , here r is rate of interest and n is time period

So amount after 5 years will be

`A=225(1+(6)/(100))^5=$301.1`

So after 5 year total amount will be $301.1

So option (c) is correct option