Question

Suppose revenues for a small business are $60,000 this year and will grow 9% per year. Design a spreadsheet to compute revenue in each of the next 10 years. In how many years from now will revenues first exceed $108,000

Answer 1

Answer:

Seven Years.

Step-by-step explanation:

The Spreadsheet is presented below:

Step 1: Enter Year and revenue in Cells A1 and B1

Step 2: Number A2 to A12 from Year 0 to 10.

Step 3: Enter 60,000 in Cell B2

Step 4: Enter =B2*1.09 in Cell B3

Step 5: Copy and Paste in Cells B4 through B12.

From the Spreadsheet,

The Revenue in seven years from now will first exceed $108,000.

Exactly $109682.35