Korey is planning to open a comic book store. In his first year of operation, Korey expects to average $1,000 of profit each month. He then expects profits to increase by 6% each year for the next 4 years. How much does Korey expect to make in profits in his fifth year of operation?

Answers

Answer 1

Answer: First year profit: $1000*12 = $12,000
Second year profit: $12,000 * 1.06
Third year profit: $12,000 * 1.06^2
Fourth year profit: $12,000 * 1.06^3
Fith year profit: $12,000 * 1.06^4 =$15,149.72
:

Answer 2

Answer:

In this exercise we have to use the knowledge of finance to calculate the profits that Korey expect to make is $15,149.72.

So organizing the information given in the statement we find that:

average $1,000 of profit
6% each year for the next 4 years

Doing these calculations we find that:

$1000*12 = $12,000\n12,000 * 1.06^1\n12,000 * 1.06^2\n12,000 * 1.06^3\n12,000 * 1.06^4 =$15,149.72$

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Answers

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