Linda estimates that her business is growing at a rate of 6% per year. Her profits is 2002 were $30,000. To the nearest hundred dollars, estimate her profits for 2011.
Calculate the number of years of appreciation:
Appreciation years = 2011 - 2002
Appreciation years = 9
So we want 30000 to grow for 9 years at 6%. We type this into our search engine and we get:
$50,684.37
Calculate the number of years of appreciation:
Appreciation years = 2011 - 2002
Appreciation years = 9
So we want 30000 to grow for 9 years at 6%. We type this into our search engine and we get:
$50,684.37