SOLUTION: In the year 2005, a company made $6 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 2007,

Algebra ->  Finance -> SOLUTION: In the year 2005, a company made $6 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 2007,      Log On


   



Question 1083619: In the year 2005, a company made $6 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 2007, to the nearest tenth of a million dollars?

Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
+P+=+6%2A%28+1+%2B+.13+%29%5E2+
+P+=+6%2A1.13%5E2+
+P+=+6%2A1.2769+
+P+=+7.6614+
The profit will be 7.7 million in 2007
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