Question

Liam owns a business earning $43,200 in profits. These profits are appreciating at about 1.2% each year. What are Liam’s profits after six years?

Answer 1

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Answer 2

First year, 43200 + (1.2/100 x 43200) = 43718.40
Profit = 43718.40 - 43200

Second year, 43718.40 + (1.2/100 x 43718.4) = 44243.02
Profit = 44243.02 - 43718.40

Third year, 44243.02 + (1.2/100 x 44243.02) = 44773.94
Profit = 44773.94 - 44243.02

Fourth year, 44773.94 + (1.2/100 x 44773.94) = 45311.23
Profit = 45311.23 - 44773.94

Fifth year, 45311.23 + (1.2/100 x 45311.23) = 45854.96
Profit = 45854.96 - 45311.23

Sixth year, 45854.96 + (1.2/100 x 45854.96) = 46405.22
Profit = 46405.22 - 45854.96