Answer:
total profit = $2,023,338,517 (nearest whole number)
Step-by-step explanation:
Use geometric sum formula:
[tex]S_n=\dfrac{a(1-r^n)}{1-r}[/tex]
where [tex]a[/tex] is the initial value and [tex]r[/tex] is the common ratio
We have been told that the initial value is 171000, so [tex]a=171000[/tex].
If the company's profit increases by 33% per year, this means each year's profit is 133% of the previous year's profit. 133% = 133/100 = 1.33
Therefore, [tex]r = 1.33[/tex]
We need to calculate the total profit earned over 29 years, so [tex]n = 29[/tex]
Inputting these values into the formula:
[tex]\implies S_{29}=\dfrac{171000(1-1.33^{29})}{1-1.33}=\$2,023,338,517 \ \textsf{(nearest whole number)}[/tex]
