"$12 million per year. grow 10% compounded annually over the next 5 years. What will demand be in 5 years?"
1 answer:
Compound interest formula:
Amount = starting value x ( 1+ interest rate/compounds per year)^(compound per year x number of years)
Amount = 12,000,000 x (1+ 0.10/1)^(1x5)
Amount = 19,326,120.00
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