Question

Okay, third times the charm.

In a company's first year in operation, it made an annual profit of $405,500. The profit of the company increased at a constant 24% per year each year. How much total profit would the company make over the course of its first 18 years of operation, to the nearest whole number?

Answer 1

100% = $405,500

100 + 24 = 124%

124/100=1.24

$405,500 x 1.24^18 = $19479651.89

$19479651.89 - $405,500 = $19074151.89 profit.

To nearest whole number is $19074152.

Hope this helps!