Question
carlas clothing shop opened eight years ago. the first year she made $3,000 profit. each year thereafter her profits were about 50% greater than the previous year. how much profit did carla earn during the 18th year of business?
Answers
MathMate
It is a geometric series where
profit for the nth year is given by
p(n)=ar^(n-1)
a=profit of the first year (3000)
r=increment ratio (1.5)
so for the 18th year, profit is
p(18)=3000*1.5^(18-1)
=...
profit for the nth year is given by
p(n)=ar^(n-1)
a=profit of the first year (3000)
r=increment ratio (1.5)
so for the 18th year, profit is
p(18)=3000*1.5^(18-1)
=...