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6 April, 08:12

In the year 2005, a company made $5.8 million in profit. For each consecutive year after that, their profit increased by 7%. How much would the company's profit be in the year 2009, to the nearest tenth of a million dollars

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  1. 6 April, 11:15
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    Profit in 2009 = 7.602616858 million = 8 million

    Explanation:

    given data

    profit = $5.8 million

    profit increased = 7%

    solution

    we first get here profit in 2006 that is

    Profit in 2006 = profit * (1 + increase profit %)

    Profit in 2006 = $5.8 million * (1 + 7%)

    Profit in 2006 = $6.206 million

    and

    Profit in 2007 = $6.206 million * (1 + 7%)

    Profit in 2007 = 6.64042 million

    and

    Profit in 2008 = 6.64042 million * (1 + 7%)

    Profit in 2008 = 7.1052494 million million

    and

    Profit in 2009 = 7.1052494 million * (1 + 7%)

    Profit in 2009 = 7.602616858 million

    Profit in 2009 = 8 million
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