The correct answer: total interest = $1,784.56 and she would have $4,284.56 after 7 years
there are no statements to see of they are correct
A data summation is a collection of values.
Year Net Profit
1 <span>$14,250.00
2 $15,390.00
3 $16,621.20
4 $17,950.90</span>2
We need to get the increase of the net profit of the current year from the previous year.
Percentage increase = (Current year - Previous Year)/ Previous Year * 100%
Year 2: (15,390 - 14, 250) / 14,250 * 100% = 0.08 * 100% = 8%
Year 3: (16,621.20 - 15,390) / 15,390 * 100% = 0.08 * 100% = 8%
Year 4: (17,950.90 - 16,621.20) / 16,621.20 * 100% = 0.08 * 100% = 8%
Every year the net income increases by 8%. So, the net income in Year 5 will be:
17,950.90 x 1.08 = 19,386.97 Choice D.
