Question

In the year 2000, a company made $8million in profit. For each consecutive yearafter that, their profit increased by 14%.How much would the company's profit bein the year 2003, to the nearest tenth of amillion dollars?

Answer 1

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Year Amount of money

2000 $8 million

2001 $8(0.14) + 8 = $9.12 millions

2002 $9,12(0.14) + 9.12 = $10.4 millions

2003 $10.4(0.14) + 10.4 = 11.86

The final profit in 2003 will be $11.9 millions