A company earned a profit of $5,000,000 in its first year, but its profits decreased by 9% in each of the next 6 years. What is the sum of its yearly profits for its first 7 years? Round your answer to the nearest cent.
A) $26,846,610.04
B) $24,007,263.78
C) $29,430,415.13
D) $46,002,173.38

Question

Quizplus · Accepted Answer

The correct answer is A because the sum of the yearly profits for the first 7 years is $26,846,610.04. This is calculated by multiplying the first year's profit by 1 and then multiplying the result by 0.91 for each of the next 6 years. The sum of these 7 values is $26,846,610.04.

A Company Earned a Profit of $5,000,000 in Its First