Question

In the year 2007, a company made $4 million in profit. For each consecutive year after that, their profit increased by 14%. How much would the company's profit be in the year 2011, to the nearest tenth of a million dollars

Answer 1

Answer:

$6.76 million

Step-by-step explanation:

The computation of the profit of the year in 2011 is shown below:

Given that

In year 2007, it made $4 million profits

And it would be increased by 14% till 2011

So,

= $4 million × (1 + 0.14)^4

= $4 million × 1.68896016

= $6.76 million