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20 December, 04:25

Smartshop's profits have been growing at 5% per year. this year their profits were approximately $500,000. what were their profits last year?

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  1. 20 December, 07:53
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    If 1.05x = 500 000

    where x is the previous year's profit

    x = 500 000 / 1.05

    x = $467190
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