Question

In the year 2000, a company made $8.3 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 2003, to the nearest tenth of a million dollars?

Answer 1

The projected profit in 2003 will be :

8300000( 1 + 13/100)^ 3

= 11,976,045.1 dollars