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22 April, 20:00

Sam is planning to start a pool cleaning business. If Sam meets his profit goal of $45,000 the first year and expects his annual profits to increase by 5.5% each year for the next 3 years, how much profit does Sam expect to make in his third year of business?

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  1. 22 April, 20:47
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    Answer: The answer is $ 49,950

    Explanation:

    The profit for the first year is $45,000

    The increase in profit is 5.5%

    Increase in profit

    = 5.5/100*45,000

    = $2,475

    To calculate the profit for the second year

    Profit + increase in profit

    $45,000 + $2,475

    = $47,475

    To calculate the profit for the third year

    Profit + increase in profit

    $ 47,475 + $ 2,475

    = $ 49 950

    Therefore, The profit for the first year is $ 45,000, The second year profit is $47,475, For the third year the profit is $ 49,950
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