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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?

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fieryanswererft

Answer:

$4406.7 is the profit.

explanation:

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

using this formula:

[tex]\rightarrow \ \sf \sf 24000(1+\dfrac{1.7}{100})^{10} }[/tex]

[tex]\rightarrow \sf \ $ \sf 28406.7[/tex]

profit: $28406.7  - $24,000 = $4406.7

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