This is a geometric progression, where the first term is 100 000, the second is 100 000(106/100) = 106 000, the thirs term 106 000(106/100) etc.
It can be resumed as:
For the profit to double, you should have at least 200 000.
Solving for n,
A company made $100,000 profit this year. If they anticipate that profits will increase by 6% a year going forward, how long will it take for the profits to double?
A. Between 9 and 10 years
B. Between 10 and 11 years
C. Between 11 and 12 years
D. Between 12 and 13 years
E. None of the above
I was able to solve the question using excel
just wondering if there was some kind of equation in the case excel couldnt be used