Question

Fred North owns Redlands Farms, a successful strawberry farm. The strawberry plants increase at a compound rate of 12% each year. Each year Fred brings new land under cultivation for the new strawberry plants. If the farm has 50 acres of strawberry plants today, how many acres of strawberry plants will the farm have in 8 years? Round to the nearest whole acre.

Answer 1

You have 8 periods at 12% which gives you a table factor of 2.47596 so you so 50 x 2.47596 = 124