SOLUTION: A business has a $20,000 profit in 1990. The profit increased by 20% per year for the next 10 years. Write an exponential growth model.

SOLUTION: A business has a $20,000 profit in 1990. The profit increased by 20% per year for the next 10 years. Write an exponential growth model.

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Question 578260: A business has a $20,000 profit in 1990. The profit increased by 20% per year for the next 10 years. Write an exponential growth model.
Answer by dfrazzetto(283) (Show Source): You can put this solution on YOUR website!

E = Profit ( 1 + 20%)^n(years)
E = 20,000(1 + 1/5)^10
E = 20,000(6.19173642) = $123,834.73

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