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In the year 2003, a company made $5.6 million in profit. For each consecutive year after that, their profit increased by 7%. How much would the company's profit be in the year 2006, to the nearest tenth of a million dollars?

Respuesta :

MrRoyal

The company's profit in the year 2006, to the nearest tenth of a million dollars is 6.9 million dollars

How to determine the company's profit be in the year 2006?

The given parameters are

Initial = $5.6 million

Rate = 7%

The function is represented as:

f(x) = Initial * (1 + Rate)^x

So, we have

f(x) = 5.6 * (1 + 7%)^x

2006 is 3 years from 2003.

So, we have:

f(3) = 5.6 * (1 + 7%)^3

Evaluate

f(3) = 6.9

Hence, the company's profit in the year 2006, to the nearest tenth of a million dollars is 6.9 million dollars

Read more about exponential functions at:

https://brainly.com/question/2456547

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