Question

Suppose the function y = 30,000(1.06)x models the annual profit for a small business x years after 2000. Find the profit at the end of 2011.

Answer 1

Answer: $56,948.96

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Work Shown:

We plug in x = 11 since 2011 is 11 years after the year 2000.

y = 30,000(1.06)^x

y = 30,000(1.06)^11

y = 30,000*1.89829855833542

y = 56,948.9567500626

y = 56,948.96

The profit at the end of 2011 was approximately $56,948.96