A community for students.
Here's the question you clicked on:
 0 viewing
 2 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?
 2 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?

This Question is Open

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

AddemF
 2 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.
Ask your own question
Sign UpFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.