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27 May, 09:44

1. Annual sales for a clothing store are $270,000 and

are increasing at a rate of 7% per year; 3 years

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  1. 27 May, 09:53
    0
    The value of the annual sales in 3 years is $330,762

    Step-by-step explanation:

    In this question, we are to calculate the value of the annual sales in three years for a clothing store which increases at a rate of 7% per year

    To calculate this, we shall need to make use of an exponential function which is defined as follows;

    V = I (1 + r) ^t

    where V is the future value at 3 years

    r is the rate of increase which is 7% or simply 7/100 = 0.07

    t is the number of years which is 3

    Plugging these values into the equation, we have;

    V = 270,000 (1 + 0.07) ^3

    V = 270,000 (1.07) ^3

    V = 330,761.6 which is $330,762 to the nearest whole dollars
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