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Answer to Question #36441 in Algebra for teja
Question #36441
XYZ company purchased a new machine at £50,000 and is using the profits to pay it off. Profits in march were £7876.
If profits increase by 2% from previous month in what month will the machine be completely paid off?
I know there is a simple calculation method in order to calculate exponential growth however don’t know how to apply to this question .
If profits increase by 2% from previous month in what month will the machine be completely paid off?
I know there is a simple calculation method in order to calculate exponential growth however don’t know how to apply to this question .
Expert's answer
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#340153 on Dec 2023
#340153 on Dec 2023
Comments
Dear Rob. Thank you for adding a comment. If all profits are used to pay it off, then the answer is 7 months. If the last profit is used to pay it off, then the answer is 94 months.
Assignment 'expert'? LOL. 7 years to pay it off, be serious. 7 months
Dear jay. Thank you for adding information. We agree with your arguments. Formulae 7876*(1+1.02+1.02^2+1.02^3+1.02^4+1.02^5+1.02^6)=58552.42 and 7876*(1+1.02+1.02^2+1.02^3+1.02^4+1.02^5)=49682.76 show that at least 7 months are needed, if we start in March, then pay off will be in September.
i gez 7months bt it will be sept..think practilcally.analyse the data n do u think it will take 7yrs or more.not possible
Dear learnbasicmath. Is January available in your multiple-choice list? If the current month is March, then 3+94=97=12*8+1, so it will be the first month, that is January.
What are you talking about, it's correct. This is a practice question on a lot of standardized test prep. February is not even on the answer choices.
Dear Learnbasicmath. Your answer (7 months) is not correct. See solution at our site.
The correct answer is 7 months from March, which would be August.
Dear lukas You’re absolutely right, thanks for correcting us!
this is the wrong answer
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