Question

A new company opens and finds the profits from their first year in business is $24,000. They project the company's profits to increase by 1.7% each year. What is their expected profit 10 years from now?

Answer 1

$4406.7 is the profit.

Step-by-step explanation:

compound interest formula:
`\sf \large\boxed{\sf P(1+(r)/(100))^n }`

using this formula:

`\rightarrow \ \sf \sf 24000(1+(1.7)/(100))^(10) }`

`\rightarrow \sf \ $ \sf 28406.7`

profit: $28406.7 - $24,000 = $4406.7