hi everyone, i need some serious help with this question!
i am in the middle of studying for a manager position offered by my employers
and need to take this manager lap test, i have been looking at this one question all day, now i have 18 questions and 20 minutes to do them without calculator, please help solve if u can
Q: revenue is expected to increase steadily at 15% annually, if revenue at the end of 2000 was 2.3 million what should the approximate revenue be at the end of 2004.
i answered the question but it took me 10 minutes, this will not work i need to be able to do this quickly
thanks for your help
thanks cap'n blk
the answere is 4.02 on the test!!!!
i will have to use that long way that u stated, also what could i look up on the internet for info or help on question like this?
what is the formula for getting the 4.02 million?
A = P(1 + r/n)^(nt)
P = the principle amount of money (the initial amount of money): 2.3 mil
A = the amount of money earned: 4.02 mil
r = the interest rate: 15% or .15
n = the number of times the money is compounded in one year: 1
t = the number of years the money is compounded: 4
In your case, you may not need the equation with "n"s in it. You can simply use:
A = P(1 + r)^t
Just remember to write r in decimal form.
how does this look?
i get the wrong answere
this all left hand justified hope you get the poit