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11 August, 16:32

Animist designers has generated sales of $625,000 for the current year. if it can grow the sales at a rate of 12 percent every year, how long will it take to triple the sales? (round off to the nearest year.)

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  1. 11 August, 18:12
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    I did a manual computation to find the number of years it would take to triple the current sales.

    625,000 x 3 = 1,875,000

    Year Sales

    1 625,000.00

    2 625,000 x 1.12 = 700,000.00

    3 700,000 x 1.12 = 784,000.00

    4 784,000 x 1.12 = 878,080.00

    5 878,080 x 1.12 = 983,449.60

    6 983,450 x 1.12 = 1,101,463.55

    7 1,101,464 x 1.12 = 1,233,639.18

    8 1,233,639 x 1.12 = 1,381,675.88

    9 1,381,676 x 1.12 = 1,547,476.99

    10 1,547,477 x 1.12 = 1,733,174.22

    11 1,733,174 x 1.12 = 1,941,155.13

    It would take 10 years for the sales to triple.
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