Question

In the year 2003, a company made $6.8 million in profit. For each consecutive year after that, their profit increased by 13%. How much would the company's profit be in the year 2006, to the nearest tenth of a million dollars?

Answer 1

Answer:

$7.7 million

Step-by-step explanation:

Given: $6.8 million profit made by company.

           13% increase in profit every year.

Now, finding the company´s profit in the year of 2006.

As we know there is 13% increase in profit.

∴ Profit increase= $\frac{13}{100} \times 6.8= \ 0.884$

Next adding company´s profit with increase in profit to get profit in the year 2006.

∴ $6.8+0.884= \ 7.684$ ≅ $7.7

The company´s profit in the year 2006 is $7.7 million.