Question

My recent marketing idea, the Miracle Algae Growing Kit, has been remarkably successful, with monthly sales growing by 9% every 6 months over the past 10 years. Assuming that I sold 100 kits the first month, how many kits did I sell in the first month of this year? (Round your answer to the nearest whole number.)

Answer 1

Congratulations. Algae are big business.

9% every 6 months is 1.5% per month.

10 years is 120 months.

compound growth rate is 100(1+0.015)^120.