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Helly
 3 years ago
Liam owns a business earning $43,200 in profits. These profits are appreciating at about 1.2% each year. What are Liam’s profits after six years?
Helly
 3 years ago
Liam owns a business earning $43,200 in profits. These profits are appreciating at about 1.2% each year. What are Liam’s profits after six years?

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Helly
 3 years ago
Best ResponseYou've already chosen the best response.0someone help me out please

AddemF
 3 years ago
Best ResponseYou've already chosen the best response.1So you're usually told a formula for compound interest, which is \[A=P\left(1+\frac{r}{k}\right)^{tk}\] Here you know that the principal is \[P=43200\] and the interest rate is \[r=1.2\%=0.012\] and the number of annual compoundings is \[k=1\] and you know the time is \[t=6\] Put all of these values into the formula and you get the new account value. Once you have the new account value, you should find the difference between this and the principal. That will be the profit.
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