Question

in the year 2005, a company made $6 million in profit. for each consecutive year after that, their profit increased by 13%. how much would the companys profit be in the year 2007, to the nearest tenth of a million dollars?

Explanation:

Step1: Calculate 2006 profit

Profit in 2006 = $6 \times (1 + 0.13) = 6 \times 1.13 = 6.78$ million dollars

Step2: Calculate 2007 profit

Profit in 2007 = $6.78 \times 1.13 = 7.6614$ million dollars

Step3: Round to nearest tenth

Round $7.6614$ to 1 decimal place: $7.7$ million dollars

Answer:

7.7 million dollars