A company wishes to earn a pretax income equal to 35% of total fixed costs. its product sells for $50.75 per unit. total fixed c
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The formula for annually compounded interest is as follows:
P is the initial amount you invest, r is the interest rate as a decimal, and t is the number of years the money will have been invested.
Convert the 8% interest rate into a decimal by dividing by 100:
We now have all of our values. Plug the known values into the equation: